Making Tax Digital Update
Last month we introduced you to the HMRC project Making Tax Digital being the proposed system for quarterly reporting of business activity being introduced from 6th April 2018. The legislation to introduce MTD was due to be passed in the Finance Bill currently being debated in Parliament.
As a result of the general election announcement, this bill is being rushed through before the session ends next week and a number of detailed proposals, including MTD, have been deferred to future legislation.
It will be up to the new government to decide on how to reintroduce this proposal and our various professional bodies are speculating that this will delay implementation beyond April 2018 thus placing the project on ‘hold’ for the moment.
Here at JacRox, we are committed to the digital future using Cloud Accounting and we continue to encourage our clients to embrace our online JacRox brand. For more information, please get in touch.