Making Tax Digital is set to be introduced by the Government in a bid to make it easier for individuals and businesses to get their tax right, as well as stay on top of it.
The regime has been the subject of much debate since it was first announced as part of the Government’s vision to modernise the tax system at the March 2015 Budget.
And it’s recently attracted even more discussion after legislation to implement the initiative was removed from the Finance Bill 2017 ahead of the debate on the bill in the House of Commons on April 25.
The move has led to a flurry of speculation that the scheme will be delayed by at least a year, with some even claiming it could be scrapped altogether. However, Software Support Manager, Mike Brown, says it’s highly unlikely it won’t go ahead.
“While the Government’s actions may have come as a surprise to many, it’s very likely Making Tax Digital won’t be completely cancelled.
“This is merely a delay in implementation, which individuals and businesses should be using to their advantage to ensure they’re fully prepared for the proposed regulations.
“For many businesses, who already have computerised systems in place, they should be double checking they’re within a subscription or cover contract to ensure they’ll receive the necessary updates. For those who don’t have a digital method of record-keeping, they should be testing and implementing suitable pieces of software.”
For more best practice advice, including how Making Tax Digital will impact your business and the accounting software that’s required to comply with it, call Mike on 01905 777600 or email email@example.com.