Digital timetable delayed to ‘at least’ 2020 for small businesses

Posted by on 18 July, 2017
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This item was filled under Tax

Businesses will not be compelled to use the Making Tax Digital (MTD) system until April 2019 and then only to meet their VAT obligations, the Treasury has announced. This will apply to businesses that have a turnover above the VAT threshold. The smallest businesses will not be required to use the system, although they can do so voluntarily.


 


Mel Stride, Financial Secretary to the Treasury, said the government had listened to concerns about the pace of change and was taking steps to ensure a smooth transition to a digital tax system.


The Treasury stated that, under the new timetable:


 


  • ‘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 …
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