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

Separate EORI number for Northern Ireland required

HMRC have recently confirmed that businesses who import and export goods from Northern Ireland (NI) will need a special Economic Operator Identification Number...

SEE MORE
LATEST NEWS

Belgium force UK companies to engage a fiscal...

The Belgium tax authorities are contacting UK traders who hold a Belgium VAT account to inform them that they have a requirement to appoint a fiscal...

SEE MORE
LATEST NEWS

Fiscal representation not required in France for UK...

The French tax authorities have confirmed that UK businesses will not have a requirement to engage a fiscal representative when the Brexit transition period...

SEE MORE

Gated Content

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