News about MTD in Spring Statement 2019
Although Chancellor Philip Hammond did not mention MTD in his Spring Statement this week, in his written response he made a strong reference to the Government’s commitment to Making Tax Digital for VAT (MTDfV).
He also promised not to extend the mandation of MTD to any new taxes or businesses until the MTDfV system has been shown to work well, and not before 2021 at the earliest.
The Chancellor’s statement confirmed a light touch (soft-landing) approach to penalties in the first year of implementation. “Where businesses are doing their best to comply, no filing or record keeping penalties will be issued. “
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