Making Tax Digital – A Further Update
The MTD sections of the Finance Bill were dropped following the announcement of the snap election held on 8 June. This put MTD on hold as the detailed provisions must be approved by Parliament.
Clearly, the Government and HMRC are keen to press ahead and in the Queen’s Speech it was announced that there would be three Finance Bills to implement the Spring Budget proposals. The first, a Summer Finance Bill, is likely to include the proposals omitted from the Bill hastily trimmed of the more contentious provisions earlier this year. MTD is likely to be included.
A further update will be issued after the Bill has passed through the House of Commons. It will be interesting to see if the original MTD start date o6 April 2018 will remain.