Making Tax Digital – some breathing space, but only for a few?

There have been a number of calls in recent months for the introduction of Making Tax Digital (MTD) to be put back due to uncertain times ahead, Brexit of course playing a large part in that. HMRC is pressing ahead with the launch of MTD this April however they have made a decision to delay the launch for six months for a small number of VAT registered businesses with more complex requirements.   The businesses whose arrangements are considered to be more complex in nature include trusts, not for profit organisations, public sector entities, traders based overseas, those required to make payments on account, annual accounting scheme users and companies that are VAT registered in divisions of within a VAT group.

Whilst the announcement of the delay is recognition that some of the UK’s largest taxpayers are experiencing difficulties in getting ready for MTD, the vast majority of businesses are unaffected by the announcement.  HMRC says that the deferral will apply to around 3-5% of businesses. Here is everything you need to know about the new digital tax system, planned for just three days after Brexit…..

 

Digital Tax


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