Jul

Making Tax Digital delayed and changed…

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Landlords’ Taxation:

The Government has delayed and changed its tax plans that would have made some small businesses and landlords have to file up to nine VAT and tax returns per tax year, and meeting six payment deadlines.

The “Making Tax Digital” plans have now been delayed until April 2020 for many businesses.

Those smaller business and landlords with a turnover of less than £85,000 will now no longer be required to report tax online.

Those over this threshold will only have to keep online records from 2019 and only for VAT purposes.

The original deadline prior to the last election was April 2018.

The Treasury has said that for other taxes businesses can move to the new system “at a pace that is right for them” and can wait until the system has been shown to work well – no earlier than 2020.

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