Making Tax Digital scheme cancelled… for now!
Following Theresa May’s decision to hold a general election in June, 80% of the Finance Bill has been scrapped until after the election, including the controversial Making Tax Digital scheme.
Making Tax Digital will be one of the biggest changes to tax administration in 2 decades and therefore it requires sufficient time and planning to debate the legislation fully. The delay will bring a welcomed review, allowing Parliament to discuss and consider all of the possible issues surrounding MTD fully, prior to its inception.
Research from ICAEW last month found that the majority of UK businesses are not ready for MTD and in fact as much as 75% of businesses do not currently maintain their accounts electronically using accounting software.
In light of the fact that MTD will almost inevitably be back on the Finance Bill in the not too distant future and you are a UK business who would like to be prepared and therefore require advice and assistance with managing your accounts online, we can help!
Just give us a call and we’d be happy to discuss your options.