Home

By Armstrong Watson

14th March 2019

Making Tax Digital – kicking the can down the road

Subscribe

Whilst the Spring Statement (easy to miss amidst the Brexit drama!) contained few tax announcements (it isn’t supposed to) two things that were said, particularly put together, make interesting reading.

The government said it “remains committed” to Making Tax Digital with mandatory digital record keeping for VAT for businesses over the VAT threshold (with turnover over £85,000) coming into force from 1 April 2019. But it was announced that the government will not be mandating MTD for any new taxes in 2020. So the introduction of MTD for income tax and corporation tax is at least two years away.

In addition a process of consultation was announced on simplifying the process of amending a tax return (which MTD would ultimately do away with). Whilst this only deals with amendments (and not initial returns) the fact that HMRC are looking at this process at the same time might be indicative of a longer delay in the implementation of MTD beyond VAT.

If you have any questions regarding the upcoming changes to tax returns or you would like more information on Making Tax Digital, please visit our website or get in touch.

Visit Website

Enquiry Form

All content © 2020 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.

Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.

Armstrong Watson Audit Limited is registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU. Armstrong Watson Audit is a trading style of Armstrong Watson Audit Limited.

Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited. Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU.

MyRetirement is a trading style of Armstrong Watson Financial Planning Limited.

Armstrong Watson is a trading style of Armstrong Watson LLP, Armstrong Watson Audit Limited and Armstrong Watson Financial Planning Limited.