Making Tax Digital: No Fines For Filing Late

A recent news article reported that one in four businesses failed to file their first Making Tax Digital return by the deadline of 7th August ...

Thankfully, the Government have declared a light touch policy which HMRC have implemented so files from the estimated 120,000 business have not been imposed. But saying that, nearly a million businesses have registered for MTD and over 900,000 VAT returns were successfully submitted (10 of them by me and my clients!).

The Federation of Smal Businesses chairman, Mike Cherry said, "The amnesty should now be extended by at least another year as a full review of the rollout of MTD is required. It should also be accompanied by a guarantee that MTD won't be forced on those below the VAT threshold at least until the end of this Parliament in 2022".

I have to say that I wholeheartedly agree with him! Making Tax Digital has caused a real turmoil and increased accounting costs for many of my clients, and often bookkeepers and accountants have had to bare the brunt of clients displeasure.

If anything I've written here resonates with you, call me on 01604 420057 and let's see how we can help you.