The UK government has announced its intention to extend Making Tax Digital (MTD) to retailers under the £85,000 VAT threshold and to some other categories of business. The stated intention is to extend MTD to all companies that have corporate tax liabilities.

The changes are intended to be effective from April 2022, with all businesses reporting through the current self assessment system to be integrated into MTD 12 months later.

The NFRN previously fought for the current £85,000 threshold to be introduced to protect smaller businesses from the impact of the changes but the NFRN believes that this extension is inevitable. The government sees enormous benefits in terms of cost reductions for HMRC and the avoidance of fraud and this is driving its thinking.

The government will be publishing more details on the move this autumn and the NFRN will keep you up to date with what these changes will mean for you and your business over the coming months.

Related Articles

Related Articles

New Schemes To Assist Businesses As The UK Economy Restarts

In his summer economic statement, the Chancellor of the Exchequer Rishi Sunak, announced a number of schemes to assist businesses as the UK economy restarts.
Read More

 Possible call delays at Menzies Customer Centre

 Possible call delays at Menzies Customer Centre
Read More

Colin Bell MBE – The King of the Kippax

In order to celebrate the life of a true Maine Road legend, the Manchester Evening News have produced a 12-page supplement in tribute to arguably Manchester City's greatest ever player.
Read More