In what we see as a sensible move, the Government has delayed the rollout of Making Tax Digital (MTD) by “at least” two years until 2020. The deferral has been confirmed by the Treasury, although quarterly VAT reporting will be mandatory from 2019.
The Treasury document states that under the new timetable for MTD:
Only businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records and only for VAT purposes;
They will only need to do so from 2019; and
Businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020.
MTD is the most fundamental change to the administration of the UK tax system for a generation, changing the way in which businesses; landlords, individuals and tax agents interact with HMRC.
Dutton Moore has plans in place to cope with these major changes and has established Tax Digital Hull Ltd as a limited company to facilitate the changes.
Colin Hamilton, Tax Partner at Dutton Moore commented: “We wanted to update our clients on the latest news about these changes. We welcome this delay and when the time comes we are here to help and provide guidance to our clients, existing and new, and facilitate these changes for them.
“HRMC is explaining the changes as making it easier for individuals and businesses to get their tax right and keep on top of their tax affairs. As an accountancy practice, we see these changes as unnecessary and an additional cost to businesses and individuals. The data gained will actually produce no results and it very much feels like a “Big Brother” approach.”
Please download our free Dutton Moore app to your phone today – this is the place where you will learn all about the changes as and when they happen.
Grain merchants and farmers, Burstwick, East Yorkshire:-Jeremy Saunt, Director at Johnson and Saunt
"We have been clients of Dutton Moore for more than 20 years – they carry out all our accountancy work and business advice, their service and attention to detail is outstanding."
"Dutton Moore are an excellent provider of financial services for significant Hull based businesses such as Smales. We have worked with the firm for many decades and are guaranteed sound financial and business advice, alongside the general accountancy services that they provide. What is key for my Company is the direct involvement of the partners with the Smales management."-Robin Orr B.Com; C.A; C.T.A, Financial Director, F.Smales & Son (F.M.) Ltd, Hull
"Having worked with Dutton Moore for many years now, we have always found the service extremely professional, prompt and courteous. As a growing business over the years their advice has been exemplary and without their valuable assistance in accounting and strategic planning we would have found the many transitions of growth a lot more challenging."-Richard Spencer, Commercial Director, Spencer Signs Ltd, Hull
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The Chancellor of the Exchequer, The Rt Hon Philip Hammond MP, will make the Budget statement to the House of Commons next Wednesday (22nd) outlining the state of the economy and the Government’s proposals for changes to taxation. Watch this space or download our App for expert comment. Download from Google Playstore - ...
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