What is going to change?From April 2019, all VAT-registered businesses will have to maintain and submit all VAT records digitally. Of those who are aware of the switch, just 25% have begun making preparations. Read more about Making Tax Digital:
- Six need-to-know facts to help you prepare for Making Tax Digital
- Making Tax Digital ? First draft rules for businesses published
- New Making Tax Digital timetable lifts three million small firms out of transition
“With just months to go before the deadline, these knowledge gaps could make the timeline for change unworkable for many firms.”The BCC claimed a delay would give HMRC the “breathing space” to engage with businesses and help them ensure the necessary software is in place. Given the timing of the Brexit process ? Making Tax Digital is due to rolled-out just days after Britain leaves the EU ? the trade body believes a delay would allow HMRC to free-up its capacity. Spicer added: ?Ministers must face up to the reality of the pressures facing HMRC and delay the introduction of Making Tax Digital for all businesses for the next financial year. This would allow the Revenue to focus its immediate attention on supporting businesses through the Brexit process, which must be a key priority. ?When Making Tax Digital is implemented, the acid test will be whether it ultimately creates a simpler and more efficient tax system, or yet more onerous administrative burdens that stifle the growth of UK firms.? Richard Asquith, vice president of global indirect tax at Avalara, said: “HMRC will be clarifying its Making Tax Digital program at our free Tax Summit in London on 3?October. This will be a great chance for businesses to have some of their concerns addresses by HMRC directly.” __________________________________________________________________________________
HMRC attempts to shut down small businesses reach five-year high HMRC has intensified its crackdown on unpaid business taxes, as new research reveals a five-year high in winding up petitions issued to owners of small firms. __________________________________________________________________________________
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