UK - MTD UPDATE: Lords Request MTD Delay

7 December 2018

The House of Lords, which is the Upper House of UK Parliament, have called for a minimum of 1-year delay to the implementation of Making Tax Digital (MTD).

They claim that HMRC have neglected their responsibility to small businesses and that the costs to implement the new system will exceed those outlined in HMRC’s impact assessment. They also stated that low awareness from affected businesses and difficulty in the software market should also warrant an extension of this deadline.

As stated in our previous article, MTD will require VAT registered businesses to use special software to provide summary tax data directly to the tax office electronically. This data will be used to automatically generate tax records, instead of manually calculating and filing a VAT return.

For the full report published by the committee please click here.

LATEST NEWS

Slovakia considers lowering VAT Rates and expanding...

The Slovakian parliament is currently reviewing draft bills that will expand the list of goods eligible for the 5% reduced VAT rate to include additional food...

SEE MORE
VAT news
LATEST NEWS

UPDATE: Philippines implements VAT on e-services...

The Bureau of Internal Revenue (BIR) recently executed implementing regulations (Revenue Regulations 003-2025) which will introduce VAT on digital services...

SEE MORE
VAT news
LATEST NEWS

European Commission grants extension of VAT split...

Despite deviating from Article 226 of Directive 2006/112/EC of the EU VAT Directive, Poland has been allowed to carry on using their VAT split payments regime...

SEE MORE
VAT news

Gated Content

The following email providers are not accepted: gmail, hotmail, yahoo. Please use proper company email.