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

Indonesia confirms VAT on foreign e-commerce from 1...

From 1 September 2020, the Indonesian tax authorities will introduce VAT at 10% on all e-services transactions made by non-resident companies. Currently...

SEE MORE
LATEST NEWS

Costa Rica to introduce VAT on electronic services...

From 1 October 2020, Costa Rica will introduce VAT at 13% on the provision of electronic services by non-resident companies. At present, foreign businesses...

SEE MORE
LATEST NEWS

Portugal to introduce e-invoice serial numbers from...

From January 2021, the Portuguese tax office has confirmed that specific serial numbers issued by them will need to be shown on all taxpayers’ sales...

SEE MORE

Gated Content

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