Making Tax Digital (MTD) postponed
14th July 2017
After much consultation the government has announced that its plans for the implementation of making tax digital (MTD) have been postponed. Under the revised timetable, no businesses will be required to keep digital records and report anything other than VAT on a quarterly basis until 2020 at the earliest. For businesses within VAT who fall into the required quarterly reporting cycle from April 2019 onward, compliance is expected to be relatively easy.
The deferral is very good news as it allows time for HMRC and software developers to ensure that systems are compatible. Additionally the proposed regulations were potentially another burden for the smallest businesses, with little perceived benefit.