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Making Tax Digital Delay

The one-year deferral in the adoption of the new 'Making Tax Digital' system for small businesses and landlords is to be welcomed, but businesses are strongly advised to make themselves aware of their pending obligations under the system at an early stage.

As of now, HM Revenue and Customs (HMRC) have not supplied software which will allow popular accounting packages to interface with HMRC's 'Gateway', and it is entirely possible that these will not be ready until after many businesses have to start supplying their tax information in digital form.

Accountants are concerned that the proposal for accounting information to be provided quarterly from 2019 is only a first step, with the intention probably being to require monthly returns. In addition, Making Tax Digital is also being accompanied by proposals to impose significant increases in the documentation that must be retained and HMRC's rights to access financial information electronically.

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The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.