Just over nine months to go before the proposed implementation of Making Tax Digital, the UK’s most ambitious tax administration change
Five days after the election, no Queens speech, and the Queen still doesn’t have a confirmed date to meet with Theresa May in her diary. The Making Tax Digital timescale is as hung as the parliament. .
Five days after the election, and almost three months after the article 50 letter, and still no date in the diary for commencement of the Brexit negotiations. The months are passing quickly, and a lot of extraordinarily complex matters are yet to be decided. The European Union’s chief negotiator, Michel Barnier, warns that the UK faces a ‘cliff edge’ no deal Brexit.
Five days after the election, and just over nine months to go before the proposed implementation of the UK’s most ambitious tax administration change. Numerous businesses, self-employed, and landlords with annual turnover above the VAT threshold are still in the dark about whether they will have these new Making Tax Digital obligations from April 2018 or not!
Time flies by and the uncertainties for businesses, including those in the Rochdale area continue
The government certainly does seems to have its hands full at the moment. The election, and yesterday’s cabinet re-shuffle involved changes to a number of key players in the roll out and supervision of the Making Tax Digital initiative. The government is being pressed to make an urgent statement. Clarify is needed over the timetable for introduction of Making Tax Digital for Business (MTDfB), or whether it is now happening at all.
No doubt MTDfB will go ahead at some stage, but the present timetable looks increasingly unrealistic. Let’s hope that the government provides more time and information to help the UK’s businesses and their advisers to prepare for this properly. Time flies by and the uncertainties for businesses, including those in the Rochdale area continue.
Businesses would be wise to register for a self-assessment online account with HMRC as a first step
Businesses would be wise to register for a self-assessment online account with HMRC as a first step. If any business owners would like help moving their accounts records from paper to digital, then Pennine Accounting will provide a free review, MTDfB implementation plan, and recommendations for suitable software for your business. Further help includes software training and, for those businesses who prefer to focus on their customers rather than their paperwork, Pennine Accounting will happily keep your accounts records up to date and ready for your new quarterly submissions to HMRC. Please visit our website for more information or contact us now.