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Reply To: Making Tax Digital – the impact on small sole traders

#33098
Rachel Barton
Participant

Hi Susannah,
I’m a Limited Company so not sure whether this is helpful but I asked my accountant what I needed to do for MTD and this was his reply:

“Currently making tax digital (MTD) only applies to VAT, I cant see that your company was VAT registered. If that is still the case then you do not currently need to worry.

HMRC are implementing MTD systems for personal tax and Corporation tax in the future but this is only for the way returns are filed, so this should have a minimal affect on you. We will be sending an update nearer the time as to what will be changing and what you will need to do. But if you do have any concerns please do let me know and I will try and help.”

My accountants do my personal tax return too so I’m assuming from this response that there is nothing for me to worry about quite yet!

Rachel