The decision to delay the start of the government’s Making Tax Digital reform for the smallest business has been announced by Chancellor Philip Hammond as part of his 2017 Budget.
New digital tax plans will require businesses to issue quarterly digital updates to HMRC from April 2018 onwards. Annual tax returns will also have to be filed online. The move has, however, drawn criticism and built concerns amongst small businesses who are struggling to be ready by the proposed deadline.
Hammond said: “In a digital age, it is right that we develop a digital tax system,” before going on to confirm that unincorporated businesses that have turnover below the VAT registration threshold will have an extra year to prepare for the reforms.
The Budget Statement said: “This will provide them with more time to prepare for digital record keeping and quarterly updates.”
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