Making Tax Digital (MTD) removed from Finance Bill 2017

shutterstock_291472427
Following the Prime Minister’s announcement of a general election, legislation to implement the Making Tax Digital (‘MTD’) initiative has been removed from the Finance Bill 2017.  MTD is the plan for businesses to submit quarterly uploads of accounting information to HMRC, with the first wave of businesses due to be affected from 1 April 2018.

Although postponed for the short term, there has been no change to the MTD proposal, and it is likely that the initiative will return following the general election as part of the Government’s commitment to a fully digital tax system.

As a result of the deferment, it is not known whether HMRC will push back the implementation date of 1 April 2018 for unincorporated businesses with a turnover above £85,000.

We will continue to follow the progress of MTD and keep you up to date with any changes. As always if you have any queries please do not hesitate to contact one of our dedicated MTD advisers.

Andrew Cowking - New Website


Andrew Cowking

Partner
Email: andrew.cowking@pmm.co.uk
Telephone: 01254 679131

 

Julie Walsh - New website
Julie Walsh
Tax Manager
Email: julie.walsh@pmm.co.uk
Telephone: 01254 679131

 

Jill Morris - New Website
Jill Morris
Run My Business Director
Email: jill.morris@pmm.co.uk
Telephone: 01254 679131

 

Lucy O Gorman - New wesbite
Lucy O’Gorman
Run My Business Manager
Email: lucy.ogorman@pmm.co.uk
Telephone: 01254 679131