Making Tax Digital: Update
Posted on in Business News, Cycles News
The government has just announced that Making Tax Digital (MTD) will not be mandated for any new taxes in 2020. This changes the prior timetable to introduce MTD for Income Tax Self-Assessment and Corporation Tax from 2020.
MTD will be implemented on the 1st of April 2019 for VAT, with a light touch approach to penalties in 2019/20.
If a business can prove they are doing their best to comply, no filing or record-keeping penalties will be issued to retailers.
The Association of Convenience Stores (ACS) has published guidance for retailers on complying with MTD, available here.
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