Calls to delay Making Tax Digital rejected
Posted on in Business News , Cycles News
MTD is being introduced with the aim of reducing the tax gap and supporting businesses in providing them with an accurate overview of tax affairs.
The House of Lords Economic Affairs Committee sought out for a one year delay on the implementation of MTD, however, the government has rejected this proposal claiming that the change has already been delayed enough.
The Association of Convenience Stores (ACS) criticised the rejection by the government, saying that awareness and understanding of the change amongst small businesses still remain low with less than two months until MTD takes effect.
The HMRC are now considering the recommendations from the report submitted by the Committee here, and look to continually work closely with the business community, agents and developers to prepare for MTD.
If you want a refresher on what MTD is and a full guide there to support you, click here.
Read the full story on Talking Retail.