Telephone: 01926 512763 | Fax: 01926 851261 | Email: flemons@flemonsaccountancy.co.uk

Committee warns small businesses 'could pay heavy price' for MTD

The Economic Affairs Committee has warned HMRC that small businesses 'could pay a heavy price' for Making Tax Digital for VAT (MTDfV).

The Committee stated that HMRC has'failed to adequately support small businesses' ahead of the introduction of MTDfV.

MTDfV is generally set to come into effect for the from 1 April 2019 for businesses which have a taxable turnover above the current VAT registration threshold of £85,000. Under MTDfV, businesses must keep some records digitally and submit their VAT returns via an Application Programming Interface (API).

The Committee has urged HMRC and the government to 'start listening' to small businesses MTDfV concerns.

HMRC recently sent businesses within the scope of MTDfV so-called 'encouragement letters'. These letters were sent to 200,000 businesses which are eligible to join the pilot scheme. 

Please contact us for help with MTDfV.

Internet links: Parliament.uk/news tax.org.uk/news

Committee warns small businesses 'could pay heavy price' for MTD

05 Dec 2018

The Economic Affairs Committee has warned HMRC that small businesses 'could pay a heavy price' for Making Tax Digital for VAT.

Leaving the EU with no deal

05 Dec 2018

The government has published a collection of documents in preparation for the scenario of the UK leaving the EU without a Withdrawal Agreement a so called 'no deal' Brexit.

180,500 new homeowners benefit from stamp duty tax relief

05 Dec 2018

According to statistics published by HMRC more than 180,500 first-time buyers have benefitted from First Time Buyers Relief.