"Making Tax Digital" query

[Mpl3bby]

I've just become aware of a scheme that HMRC has apparently been hatching for some time called 'Making Tax Digital', and was hoping to check that my understanding of it is correct. For small (under VAT threshold) sole trading businesses:
1) There will now be a requirement to effectively submit tax returns online four times a year instead of once;
2) There will now be a requirement to use custom accounting software to do your accounts;
3) In some sense, all of this will be real time "in the cloud", so that HMRC will have access to your accounts as they develop, 24/7;
4) These changes will go into effect as soon as April 2020 (previously they had wanted to push it through even earlier than that).
Can anyone comment on the accuracy of the above statements? For many small businesses, this seems very much more onerous than the previous system, and I can imagine many people struggling to comply with it. But googling around, it doesn't seem to have generated much talk on the forums (maybe I'm missing it).

 

[Scalloway]

At the moment the plan is only for businesses which are over the VAT threshold that will need to use this. The software that will be needed is still being developed and there is a proposal that there will be free HMRC software available.

But the general opinion seems to be that your guess is as good as mine as to when it will actually roll out.

 

[Fair Price Accounting]

Making tax digital may be delayed again until we leave the European Union as HMRC need to develop software to stop the ports getting congested.

Under MTD you will have to file 5 times a year 4 quarterly returns and one reconciliation at year end.

As for free software this will be doubtful HMRC were hopeful that software houses were going to develop free software but there has been no signs at the moment.

It has been covered quite a bit on accounting web, Accountants are reluctant to discuss MTD with clients until we get some certainty on the subject.

HMRC will not be able to see your accounts 24/7 you will submit them much like your VAT return.

 

[Mpl3bby]

I've read that the most recent position is 2020 "at the earliest" for businesses below the VAT threshold.

"HMRC will not be able to see your accounts 24/7 you will submit them much like your VAT return."

For anyone in the above situation, the vast majority probably do not submit a VAT return, so for these enterprises, this will require developing entirely new procedures and potentially incorporating new software that they may not have used before. This, along with the quintupling (!) of reporting frequency is what seems so onerous to me.