The Government has heeded concerns raised by the Treasury, businesses and accounting profession and amended its implementation timetable for Making Tax Digital
Under the reformed timetable:
While the Government is still fully behind its MTD initiative which it sees as a necessary move to modernise and streamline the tax system, it has accepted the need to allow more time for the transition.
This means that 3million of the smallest businesses and landlords will have the option to voluntarily make the switch to digital record keeping at their own pace before it becomes mandatory in no sooner than two years.
Initially, businesses will not need to provide HMRC with information more regularly than usual, as VAT already requires them to submit quarterly returns.
17/07/2017
View all >
27/03/2024
HMRC halts helpline closures
HMRC has halted its plans to restrict taxpayer helplines and direct people to online services instead.
READ MORE
NMW is the most successful policy
The introduction of the UK’s National Minimum Wage (NMW) in 1999 is the single most successful economic policy in a generation, according to the Resolution Foundation.
Late payments on small businesses
Small UK firms are still being hampered by late payments, warns the Federation of Small Businesses (FSB).
Sign up to keep in touch to receive our latest news and industry updates.
CharitiesDentistsDoctorsTax
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.