MTD penalties
Posted on 03 Oct 2022
HMRC resists penalising MTD late filers One in four companies failed to comply with new Making Tax Digital (MTD) filing rules by the deadline of August 7th, the Times reports, but HMRC has said it will show leniency as businesses may be "fully focused" on preparing for a no-deal Brexit. About 490,000 companies with sales above the VAT threshold of £85,000 were supposed to comply with new online filing rules but roughly 120,000 businesses missed the deadline. Richard Wild, head of the tax technical team at the Chartered Institute of Taxation, said that some businesses had faced "significant" difficulty complying. Jim Harra, deputy chief executive of HMRC, said: "Our ambition is to help businesses to get it right, not to penalise them."
