Making Tax Digital (MTD) Delayed

HM Treasury have announced that their Making Tax Digital (MTD) plans have been delayed.

Please find the HM Treasury announcement at https://www.gov.uk/government/news/next-steps-on-the-finance-bill-and-making-tax-digital.

Whilst this news is a reprieve for those who were due to come into MTD from April 2018 it is only a delay and HMRC still have plans to bring it into effect from April 2020, at the earliest, for those who are self employed but not VAT registered.

Nothing is certain at this stage, with further developments and announcements expected from HMRC.

Please see below a table highlighting the changes.

 

 

Turnover

 

Taxes that require quarterly reports

 

Revised timescale:
Accounting periods on and after.

£85,000+ and VAT registered

VAT 1 April 2019

£85,000+

VAT, Income Tax, National Insurance

1 April 2020*

£10,000 – £85,000

VAT, Income Tax, National Insurance

1 April 2020*

Companies Corporation tax

1 April 2020*

*Proposed date only, subject to change.

If you have any queries on MTD then please call our tax department on 01844 260111.

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