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Making tax Digital: Update

Making tax Digital: Update
Bowing to pressure, the Government have delayed the introduction of Making Tax Digital by two years to 2020.
Under the original plan, HMRC would have forced the smallest businesses to start quarterly reporting from April 2017, but those below the VAT threshold of £85,000 will now be exempt from the requirements to quarterly report until at least 2020.

VAT reporting for all businesses over the current VAT threshold will start from 2019 with a mandatory requirement to submit returns through Making Tax Digital.

Full blown quarterly reporting will not start before at least 2020. The fact that companies already report VAT on a quarterly basis means that they will not be faced with a major change or upheaval.

We can all breathe a sigh of relief, for the time being at least.
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