COVID-19: UK Delays Expansion Of Making Tax Digital For VAT
by Jason Gorringe, Tax-News.com, London
15 April 2020
The UK Government has announced that it will delay ramping up its Making Tax Digital project, in light of COVID-19.
Making Tax Digital introduced new reporting obligations on value-added tax registered persons, requiring them to keep their records digitally (for VAT purposes only) and provide their VAT return information to HM Revenue and Customs (HMRC) through MTD-compatible software. The regime was introduced from April 1, 2019.
A light-touch approach was taken to the enforcement of the regime from April 2019. It was agreed that value-added tax-registered businesses would be required to establish digital links for the transmission of data to HM Revenue and Customs only from April 1, 2020. The UK Government has now said that businesses will be allowed an additional year, until April 1, 2021, to establish such digital links.
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