Quarterly reporting delayed for a year
The introduction of quarterly reporting is to be delayed for small businesses for a year. Businesses trading below the VAT registration threshold, the mandatory requirement to maintain digital records and submit quarterly updates, will be deferred from April 2018 to April 2019. Philip Hammond said he was acting in response to concerns about the timetable of the government"s Making Tax Digital scheme. The deferral will cost the Treasury £280m between now and 2021-22.
Source: Financial Times (09/03/2017)