The recommendations made by the House of Lords Economic Affairs Committee’s report on the Governments is that “The Government should delay the launch of ‘Making Tax Digital’ (MTD) until 2020 and make the scheme optional for many small businesses and self-employed people”
Making Tax Digital: sanctions for late submission and late payment – the consultation was published on 20 March 2017. Making Tax Digital consultation closes at 11.45pm on 11 June 2017
For anyone who does not think this will happen, ask yourself. Why have HMRC produced an Open Consultation which sets out three possible models for late submission penalties and provides an update on late payment penalty interest!
Making Tax Digital is being forced on anyone with a turnover of only £10,000 or more, starting from April 2018 with all self-employed businesses who are not VAT registered and landlords.
Making Tax Digital will be forced on VAT registered businesses from 2019. Making Tax Digital will then be forced on businesses paying corporation tax in 2020.
If you think Making Tax Digital is wrong, you need to take a look at this consultation:
and find time to give your views before the deadline.
Making Tax Digital – what could go wrong?