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To read the latest regarding MTD, as of October 2021, read our blog post here.
Following intense lobbying from the Treasury Committees, business, software developers and the accountancy profession, including CooperFaure, the government have announced a delay and a reboot of Making Tax Digital.
In the Budget before the election, the intention was for it to be mandatory all businesses to report quarterly and keep records digitally starting in April 2018 with the self-employed and landlords with a revenue over the VAT threshold, currently £85,000.
Now the government has announced that:
Mel Stride, the Financial Secretary to the Treasury responsible for Making Tax Digital stated “Businesses agree that digitising the tax system is the right direction of travel. However, many have been worried about the scope and pace of reforms. We have listened very carefully to their concerns and are making changes so that we can bring the tax system into the digital age in a way that is right for all businesses.”
This deferral will allow much-needed additional time for software development and systems testing. CooperFaure is part of the HMRC pilot programme for this and will be keeping our clients updated in the run up to April 2019.
Making Tax Digital will be offered on a voluntary basis for the small businesses and landlords with a turnover below the VAT threshold but there is a clear pledge that this will not become mandatory until ‘at least’ 2020.
The Treasury also confirmed that a Finance Bill will be introduced as soon as possible after the summer recess to legislate for the policies that were dropped from the Finance Act before the sudden General Election in June.
As part of this, policies originally announced to start from April 2017 will be effective from that date such as the changes to non-domicile rules and loss relief reform.
If you have any questions or concerns over either Making Tax Digital or the measures in the Finance Bill, please email us at tax@cooperfaure.co.uk.
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