HMRC’s Making Tax Digital (MTD) programme rollout could be delayed by another year following a House of Lords committee report.
The new scheme was scheduled to launch for small businesses from April 2019. It will require many small opticians practices to have digital software and adequate broadband access to report their VAT returns and supporting data in line with HMRC requirements.
The report has criticised the speed and rigidity of the programme introduction and HMRC’s lack of communication with businesses and taxpayers. HMRC’s motives with the programme have also been questioned as it has been likened to a revenue generating exercise without providing the necessary time to be adequately prepared.
Updates on MTD can be found at aelmarkhams.co.uk with further information on what it involves and any assistance required by businesses.