The idea of Making Tax Digital was first mooted in the 2015 Autumn Statement with the announcement that the Government wanted to replace the annual tax return with some form of quarterly accounting for the self-employed, landlords and partnerships. Limited company obligations would also follow.
The Government's consultation on Making Tax Digital closed on 7 November 2016 and M&S submitted their responses to these consultations on 4 November 2016. Final decisions regarding the consultation were announced in February this year amidst growing concern as to how this would impact the self-employed.
Since the initial announcement the start date for Making Tax Digital has been delayed and now looks set to be phased in from April 2019.
As this is something M&S are deeply concerned about and interested in, we keep a watching brief on developments and government announcements and will provide updates as and when further announcements are made.
We hope the information in this page will prove useful to you but if you have concerns as to what these changes might mean for you or your business please contact Stewart McKinnon, Tax Director or by emailing email@example.com