Proposed updated timetable:
- VAT registered businesses, with turnover over the VAT threshold will be mandated into the MTD reporting system from 2019.
- Property landlords and small business trading below the VAT threshold will join MTD from 2020, although they may opt in to MTD earlier if they wish to do so.
- There is no news on what is proposed for companies, however the government is currently looking at reform of corporation tax.
|2019||VAT||Self- employed individuals who are VAT registered||Business with a turnover of less than £10,000
Business engaged in excluded activities
The Digitally Excluded
See MTD: Toolkit for Accountants & Advisers
|2020||Income tax & Class 4 NICs||Self-employed individuals and landlords|
Income tax & Class 4 NICs
Comments: The deadline and requirements looks unrealistic and complicated burden for all involved, especially the end user.
Source, HMRC, Rossmartin