Making Tax Digital delayed until 2020
The launch of HMRC’s Making Tax Digital for Business programme has been pushed back until 2020. HMRC had planned to mandate the use of digital tax records for businesses by April 2018, but concerns were raised that the deadline did not provide enough time for businesses to prepare. As part of the changes, only businesses with a turnover above the VAT threshold will “have to keep digital records, and only for VAT purposes” from 2019, and businesses will not be asked to keep digital records for other taxes until “at least 2020”. The government also said that for small businesses, digital tax returns will be voluntary. The decision was welcomed by the CIOT, the ICAEW and the FSB.
Source: Financial Times (14/07/2017)