Feedback

HMRC 10 year tax administration policy - MTD

23 July 2020      Julia Ascott, Employment Taxes Specialist

So I appreciate that the title of this article may make you immediately switch off, but actually, this recent publication from HMRC is a pointer to what they will be concentrating on in the future to ensure that they "build a trusted modern tax administration system."  Essentially, this is the roadmap to making ALL taxes digital over the next 10 years.

Key takeaway points:

  • from April 2022, MTD will apply to all VAT-registered business for their VAT obligations;
  • from April 2023, businesses and landlords with business income over £10,000 per annum which are liable for income tax will need to keep digital records and use software to update HMRC quarterly through MTD; and
  • to ensure that the MTD approach also evolves for those businesses that have incorporated, the government will consult later in 2020 on the design of what the system should look like for corporation tax.

HMRC intends to bring forward any changes ‘incrementally and consultatively’, working with taxpayers, agents and software providers to take forward its vision of the future, committing also to work closely with representative bodies.

Alongside this, HMRC have updated many of their guidance documents on MTD, including:

Webinars and videos to help businesses with MTD

Guidance on keeping digital records, signing up and using software to send income and expenses updates




Read more



This site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyse your use of the site and services and assist with our member communication efforts. Privacy Policy. Accept cookies Cookie Settings