Making Tax Digital – Current Position
MAKING TAX DIGITAL – CURRENT POSITION
As mentioned in my last blog, the section of The Finance Bill delayed due to the snap 8 June election dealing with MTD was dropped. The shortened Bill was put before Parliament this week.
The Government have now announced that there will be at least a one year delay to the implementation of MTD.
Businesses with a turnover of in excess of £85,000 (the VAT threshold) will need to digitally file quarterly VAT returns from 6 April 2019. This is not a major change because digital VAT reporting is a requirement already.
No Income Tax digital filings will be required for any business until 5 April 2020 at the earliest. It is still unclear as to the position for landlords.
It is hoped that The Finance Bill to be put before Parliament in the Autumn will provide further clarification.