Making Tax Digital (MTD) was introduced in April 2019 for small businesses with respect to VAT.
The introduction meant that small businesses with turnover above the VAT threshold were required to digitally submit their VAT returns.
All eyes are therefore on this week’s budget to see if there will be announcements regarding the next phase of MTD – income tax. Kingsley Samson of AIMS spoke to Accountancy Age about this in September of last year.
As you will know, Budget 2020 takes place tomorrow. Nobody knows exactly what it will include. There is the potential for surprise in Chancellor Rishi Sunak’s announcement. However, no actual changes regarding MTD will be coming into force until 2021, though there could be the announcements of some consultations to do with this next phase.
The question is, will we have further oversight about the next Making Tax Digital milestones tomorrow?
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