Taxman extends MTD deadline

Taxman extends MTD deadline HMRC has given some small firms an extra year to comply with Making Tax Digital (MTD). The policy, introduced in April, sees self-employed people and business owners with a turnover above the £85,000 VAT threshold filing their returns online using specialised software. HMRC had said it would not issue any fines to businesses filing late in the 2019/20 tax year unless they were deliberately avoiding the new rules. It has added a concession which will give businesses with complex or legacy IT systems until April or October 2020, depending their filing deadline, to make their first submission. A spokesman said: “HMRC allowed all MTD businesses a one-year soft-landing period to put digital links in place,” adding that ongoing engagement with businesses and stakeholders has prompted it to offer a process to apply for additional time.