Making Tax Digital (MTD) delayed further, apart from VAT reporting8th June 2018 | Posted in: PAYE & NI, Personal Tax, Regulations, VAT
HMRC have confirmed that no further MTD for business changes will be brought in before 2020 at the earliest.
The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources for work to upgrade customs systems in preparation for Brexit.
The HMRC statement notes that the convergence of business taxes from the current range of IT systems onto a single system will now happen at a slower pace. This will slow the creation of the single account for all business customers.
For individuals, the introduction of further digital services will be delayed, with progress on simple assessments and real time tax code changes put on hold for the time being.
Note that the introduction of VAT reporting under MTD is still scheduled to commence in April 2019 for those VAT registered businesses with turnover over the £85,000 VAT registration threshold.
Please do not hesitate to contact us if you wish to discuss any aspect of VAT or MTD