Making Tax Digital (MTD) latest

According to HMRC figures, over 1.1m businesses have now signed up for Making Tax Digital and over 1.2m VAT returns having been successfully submitted through the service to date.

However, 120,000 VAT-registered businesses with a turnover over £85,000 failed to take action by the 7 August deadline as they did not sign up in time. Estimates suggest about 490,000 should have completed their first return by August.

HMRC has said it will be taking a light touch approach to penalties during the first year of mandation and will not issue filing or record keeping penalties where businesses are doing their best to comply with MTD. In normal circumstances there would be fines of at least £100.

For all enquiries regarding Making Tax Digital (MTD) compliance please contact Angela Rogers on 01384 402930.