Will the initials MTD now stand for Missing The Deadline?
HMRC’s new Making Tax Digital (“MTD”) programme was scheduled to be rolled out to small businesses from April 2019. However, following a scorching report from the House of Lords committee on economic affairs, the rollout may now be delayed by another year.
This will be good news for many small businesses who have been struggling to put in place the necessary digital software and adequate broadband access necessary to report their VAT returns & supporting data in line with HMRC requirements. The report strongly criticises the speed and rigidity with which the programme is being introduced and HMRC’s lack of communication with businesses & taxpayers. It also questions HMRC’s motives as a revenue generating exercise without providing the necessary time for many small businesses to be adequately prepared.
Regular updates on whether MTD will be available on our blog.
For further information on what MTD involves and assistance with getting ready for MTD, please click here.