LB Group
Professional, Proactive, Partner-led advice
Pay Online
IPSWICH
01473 359720
COLCHESTER
01206 867551
CHELMSFORD
01245 254780
LONDON
0208 221 8282

Professional, Proactive,
Partner-led advice

MAKE AN
ENQUIRY

LONDON: 0208 221 8282
CHELMSFORD: 01245 254780
COLCHESTER: 01206 867551
IPSWICH: 01473 359720

Email: info@lbgroupltd.com

MAKING TAX DIGITAL DELAYED FURTHER APART FROM VAT REPORTING

MAKING TAX DIGITAL DELAYED FURTHER APART FROM VAT REPORTING

MAKING TAX DIGITAL DELAYED FURTHER APART FROM VAT REPORTING

MAKING TAX DIGITAL DELAYED FURTHER APART FROM VAT REPORTING

MAKING TAX DIGITAL DELAYED FURTHER APART FROM VAT REPORTING

HMRC have confirmed that no further MTD for business changes will be brought in before 2020 at the earliest.

The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources of work to upgrade customs systems in preparation for Brexit.

The HMRC statement notes that the convergence of business taxes from the current range of IT systems onto a single system will now happen at a slower pace. This will slow the creation of the single account for all business customers.

For individuals, the introduction of further digital services will be delayed, with progress on simple assessments and real-time tax code changes put on hold for the time being.

Note that the introduction of VAT reporting under MTD is still scheduled to commence in April 2019 for those VAT registered businesses with turnover over the £85,000 VAT registration threshold.

Timeline for MTD

  1. From April 2019: VAT reporting by all VAT registered businesses with turnover above the VAT threshold.
  2. From April 2020, at the earliest: All other taxes (income tax and corporation tax).

VAT

From April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to maintain digital records and will need to send their VAT information to HMRC using third party commercial software. HMRC’s online portal will remain available to all other businesses that complete a VAT return but have turnover below the VAT threshold.

Who’s in?

MTD for VAT will apply to VAT registered businesses with turnover above the VAT threshold. This includes unincorporated businesses, companies, LLPs, and charities. Businesses registered for VAT but with turnover below the VAT threshold can opt in and file their VAT information via MTD if they wish.

Contact us

Please contact LB Group if you would like to find out more with regards to Making Tax Digital and the implications it will have on your business.

MAKING TAX DIGITAL DELAYED FURTHER APART FROM VAT REPORTING

LB Group Limited registered in England © 2019 Company Number: 2796741. Associate Directors are not statutory directors of the firm.

Chubb Insurance Company of Europe S. E, Policy Number: 82182733E. Limit of Indemnity £4 million on any one claim.

Site by designglondon.co.uk