14 March, 2019 in Industry News

Making Tax Digital - Important Update

The Chancellor of the Exchequer, Philip Hammond presented his Spring Statement to Parliament on Wednesday 13 March 2019, within which contained an important update regarding Making Tax Digital

Within the Spring Statement, he noted the following point on Making Tax Digital:

“The focus will be on supporting businesses to transition and the government will therefore not be mandating MTD for any new taxes of businesses in 2020”.

Our team have been hosting seminars on Making Tax Digital and within the presentation Making Tax Digital was set out in 2 parts:

  1. April 2019 – Focuses on VAT only
  2. April 2020 – Focuses on taxation and the need submit quarterly returns similar to your self-assessment.

As flagged in our seminars, April 2020 will now be delayed and it may well be voluntary initially however the need to move to digital records still remains for all VAT businesses with taxable turnover greater than £85,000 and they should still plan to move records to a digital platform if they haven’t already.

Please do not hesitate to contact our office if you want to discuss this update in more detail.

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Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.