12th September 2017
Making Tax Digital delayed until 2020 for all taxes except VAT
Filed Under: Tax, Accounting, Business News
HMRC has announced a deferral to the launch of Making Tax Digital (MTD) following concerns raised by the accountancy profession, businesses and parliamentary bodies. The recommendation to postpone the implementation of MTD to 2019/2020 was originally proposed by the Treasury Committee in January which called HMRC’s plans ‘over ambitious’ in their 50 page report. The system for keeping tax records digitally was originally set to go live from April 2018.
The new timetable
- Businesses with a turnover above the VAT threshold (currently £85,000) will start to keep digital records, for VAT purposes only, from 2019. All other taxes are optional until 2020.
- Businesses and landlords with a turnover below the VAT threshold will not have to keep records digitally until ‘at least’ 2020.
We will continue to keep you updated with developments as HMRC release more information!
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