Making Tax Digital: No Fines For Filing Late
The Government has a light touch policy ...
Posted by Alison Mead on 21/10/2019 @ 8:00AM
A recent news article written by the Federation of Small Businesses reported that one in four businesses failed to file their first Making Tax Digital (MTD) return by the deadline of 7th August this year ...
Making Tax Digital has caused a real turmoil and increased accounting costs for many of my clients!
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Thankfully, the Government have declared a light touch policy which HMRC have implemented so fines 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.
Until next time ...
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If anything I've written in this blog post resonates with you and you'd like to discover more, it may be a great idea to give me a call on 01604 217365 and let's see how I can help you.
About Alison Mead ...
Alison loves bookkeeping and supporting bookkeepers. She has been helping clients to be better bookkeepers in Sage 50 for over 24 years and has been Xero Accredited in accounts and payroll for a number of years too.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with her Forever Living network marketing businesses and is often to be seen at business networking meetings as she likes to keep busy.
You know what they say: if you want something done well ask a busy person!