Following recent issues with HMRC’s personal tax computation software, Brian Palmer of the AAT questions whether the government’s implementation timeframe for Making Tax Digital is realistic.
There was great news in last month’s Budget regarding Making Tax Digital (MTD).
This means that 3.1m of the UK’s smallest businesses will have an extra year to get ready to comply with the MTD quarterly filing regime.
There are many benefits from this deferment – not least for HMRC itself, who will now get twelve months additional time to adapt and learn.
Timeframe for implementation remains a challenge
Despite the deferment for many small businesses, the challenging timetable for delivering MTD remains very much in place – albeit with just 400,000 of the larger unincorporated businesses on-boarding during the 2018-19 tax year.