Is this still the case?
Under the revised timetable, by April 2019 businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records and only for VAT purposes. These businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2021.
This means that businesses and landlords with a turnover below the VAT threshold will not have to move to the new digital system until at least 2021, although there are significant advantages to switching to online accounting (see below).
This change in the way HMRC wants information from tax payers in the future means that you may need to move from your existing desktop or manual record keeping and onto an online accounting package. It is a significant change for many of us and means the end of the annual tax return to be replaced with a digital tax account where all your information will be stored in one place.
The good news is we are certified in the installation and operation of Online Accounting software which is digitally compliant and specifically designed for small and medium sized businesses.
What are the advantages of going digital?
Digital accounting software has significant advantages over the traditional ways of bookkeeping.
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