Amid concerns by businesses HM Treasury has published a revised timetable for making tax digital. This is in response to criticism that the current timetable does not allow for sufficient time to ensure the transition is smooth.
Under the revised timetable firms with a VAT threshold £85,000 will be required to keep digital records for VAT purposes from 2019.
Firms whose turnover is under this VAT threshold will not be required to keep digital records or submit quarterly reports to HMRC until 2020 at the earliest.
This will mean that small businesses will have longer to make the transition to submitting quarterly online tax returns.