Start of Digital Reporting Delayed for Smaller Businesses

Graph Reporting

The Government is committed to the “Making Tax Digital” (MTD) project which is scheduled to start in April 2018 with the first quarterly updates being submitted by the self-employed and property landlords in July 2018. 

Many business owners, professional advisors and the Treasury select committee had expressed concerns about the timescale for the introduction of MTD. The Chancellor announced that there will be a one year deferral in the start date to 2019 for self-employed businesses and property landlords with gross income below the VAT registration limit.

If your income is above the VAT registration limit then you will have a start date of 1st April 2018 for “Making Tax Digital”. Contact us so we can help you get started.