Here at Farmplan we’ve been engaged in the Making Tax Digital debate for several months now and after pressure from professional bodies, businesses and software providers the government has finally decided to defer the implementation of MTD.
We welcome this announcement and are pleased that our concerns have been acknowledged. On 13 July 2017 the government outlined a new timetable for implementation of MTDfb.
We are now working with HMRC to implement this new timetable.
So what happens to MTD now?
Under the new timetable:
- MTDfb will not take effect until April 2019 when businesses above the VAT threshold will have to submit their VAT returns digitally
- Businesses will not be required to do quarterly updates for other taxes until at least 2020
- Businesses below the VAT threshold will not be required to make digital returns but will be able to opt in if they wish.
Anne Cianchi, Farmplan’s MTD Consultant says, “In a nutshell this means we will not have to make MTD specific changes to our Business Manager program as quickly as we had first thought, although we will continue to work with HMRC to implement their new timetable. Rest assured this does not mean we’ll stop making other improvements and listening to our customers to make sure our software offers the right tools to meet your needs.”