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Committee warns small businesses 'could pay heavy price' for MTD

The Economic Affairs Committee has warned HMRC that small businesses 'could pay a heavy price' for Making Tax Digital for VAT (MTDfV).

The Committee stated that HMRC has'failed to adequately support small businesses' ahead of the introduction of MTDfV.

MTDfV is generally set to come into effect from 1 April 2019 for businesses which have a taxable turnover above the current VAT registration threshold of £85,000. Under MTDfV, businesses must keep some records digitally and submit their VAT returns via an Application Programming Interface (API).

The Committee has urged HMRC and the government to 'start listening' to small businesses MTDfV concerns.

HMRC recently sent businesses within the scope of MTDfV so-called 'encouragement letters'. These letters were sent to 200,000 businesses which are eligible to join the pilot scheme. 

Please contact us for help with MTDfV.

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No person will make a great business who wants to do it all himself. A goal without a plan is just a wish. To accept good advice is but to increase one's own ability. Any sufficiently advanced technology is indistinguishable from magic. Advice is like snow; the softer it falls, the longer it dwells upon, and the deeper it sinks into the mind. Whenever you see a successful business, someone once made a courageous decision.