|Following the announcement of a snap general election to take place on 8 June 2017, the Government dropped clauses relating to Making Tax Digital from the Finance Bill 2017 so that it could quickly receive approval from MPs before Parliament dissolved. The policy is now on hold until after the election.
While Making Tax Digital is currently on hold, the Government has said that the clauses dropped from the Finance Bill remain policy and it intends to put forward legislation at the start of the new Parliament to enact them.
We will update this page as details of any new legislation are announced after the election.
Making Tax Digital (MTD), a controversial systems overhaul led by HM Revenue and Customs (HMRC), is changing tax as we know it – and British businesses and self-employed taxpayers need to be prepared.
By 2020, the Government has decided that HMRC will be “one of the most digitally advanced tax administrations in the world” – thanks to a mandatory transition to online accounts which will need to be undertaken by all businesses with an annual turnover of £10,000 or more.
The transition will significantly change the way your business operates – as tax returns, payments and financial records will all need to be carried out online.
Fortunately, the team at Glazers Chartered Accountants are here to help ensure that your transition goes as smoothly as possible.
How can we help?
It is important not to get caught out of the loop when Making Tax Digital comes into force, and Glazers Chartered Accountants believe that preparing for MTD in advance is the best step to a smooth transition.
To stay up to date, Glazers are also actively keeping on top of any MTD announcements.
Our team are prepared for the challenges ahead, and can offer you our expertise and experience with online accountancy software to help you to prepare for MTD today.
Our online accountancy software, Online50 Accounting, can give your business a head start today – and the expert team at Glazers will only ever be a phone call away should you require any advice or assistance.
For more information about Glazers’ Online50 Accounting, please click here.
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