Logo linking to homepage
Mobile logo linking to homepage
About us
Our Partner Team
Client Care Charter
History of Scrutton Bland
Community Social Responsibility
Services
Accountancy Services
Audit
Business Consulting Services
Cloud Based Accounting
Corporate Finance
Independent Financial Advice
Insurance
Internal Audit Services
Private Client Service
Systems Advisory Service
Tax Advice
Sectors
Agriculture
Charity and Not for Profit
Construction
Higher and Further Education
Land and Property
Leisure and Hospitality
Technology
Transport and Logistics
Careers
Current vacancies
Be part of our team
Benefits of working with us
News & Views
Events
Contact Us
Client Portal
Search
Making Tax Digital (MTD) and the Spring Statement
The changes to mandatory digital record keeping for businesses over the VAT threshold comes into force from 1 April with the onset of MTD. This is an important first step in this modernisation of the tax system and to which the government remains committed, irrespective of the outcome of current Brexit discussions. Today, in his Spring Statement the Chancellor confirmed a ‘light touch approach to penalties in the first year of implementation’. Which in real terms means that where businesses can show that they are doing their best to comply, no filing or record keeping penalties will be issued.
However, where the significant changes occur are in relation to the digitalisation of self-assessment tax returns which were due to fall under the same MTD requirements as businesses in 2020, but which the Government has stated will now no longer come into effect next year. Instead the focus for both the Government and HMRC in 2020 will be on supporting businesses in their transition to digital filing.
According to Graham Doubtfire, Tax Partner the pushing back of the self-assessment deadline is a sensible step by HMRC as it will allow the new system to be fully bedded-in before MTD is applied to other taxes and will allow businesses time to adapt and comply with their obligations without fear of substantial penalties.
Get in touch
For more information please contact Graham Doubtfire, Tax Partner on 0330 058 6559
Email Graham
Popular services
Accountancy
Financial Advice
Insurance
Tax Advice
About us
Our Partner Team
Client Care Charter
History of Scrutton Bland
Community Social Responsibility
Services
Accountancy Services
Audit
Business Consulting Services
Cloud Based Accounting
Corporate Finance
Independent Financial Advice
Insurance
Internal Audit Services
Private Client Service
Systems Advisory Service
Tax Advice
Sectors
Agriculture
Charity and Not for Profit
Construction
Higher and Further Education
Land and Property
Leisure and Hospitality
Technology
Transport and Logistics
Careers
Current vacancies
Be part of our team
Benefits of working with us
News & Views
Events
Contact Us