Making Tax Digital Update

22nd July 2020

The Treasury has today announced that with regards to Making Tax Digital (MTD), the government plans to:

  • make MTD for Income Tax mandatory from 6th April 2023 for businesses and landlords with turnover in excess of £10,000
  • ensure all businesses registered for VAT (including those below the VAT threshold) submit their VAT returns via MTD from April 2022
  • consult this Autumn on how MTD can be extended to include Corporation Tax

HMRC will also plan a consultation programme for its 5-10 year vision to deliver its goals for the tax administration framework.

Further details and the full written ministerial statement can be found at https://www.gov.uk/government/news/government-sets-out-draft-agenda-for-a-21st-century-tax-system?dm_i=EYP,6YQII,3KHOII,S15KH,1

HMRC's updated guide on MTD is at https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

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