Call for delay to Making Tax Digital poses risk to businesses
23rd November 2018
It has been reported that a Lords Committee has today called for a delay to the mandatory roll out of Making Tax Digital (MTD) for VAT. This news poses a real risk to businesses who think that this means they can potentially delay being ready for the launch.
We have been working with many regional businesses to help prepare them for the scheduled launch date in April 2019.
The Lords Committee has also requested that government wait until at least 2022 before extending the scheme to other taxes.
Speaking about the news, Alan Nesbitt, partner, commented; “Businesses should not see this as an opportunity to bury their head in the sand. This is only a recommendation from the Lords Committee and until any change in stance from government, the deadline for MTD is still April 2019. I would strongly recommend that businesses continue to prepare for the MTD launch date if they have not already done so.”
Businesses that have already done the preparation work will benefit from the improvements that cloud accounting could offer them and also provides the peace of mind that they are compliant. If you have not already looked at the impacts that Making Tax Digital is going to have on your business and starting planning to implement a strategy to be ready for April 2019, then you really need to discuss this with your business financial adviser immediately. We have a team of MTD specialists who can assist you. If you need to discuss your business preparation strategy, contact a specialist.