Today the government announced a delay to their Making Tax Digital (MTD) plans. MTD affects all businesses, including rental businesses with a turnover of £10,000 or more per annum.
Businesses will now have until 2019 until they need to submit VAT notifications online whilst others taxes will have an online reporting deadline of no earlier than 2020.
This is a welcome relief for many small businesses providing them with more time to prepare for these changes.
Further information can be viewed on the Gov.UK website
For more information and advice contact your local MFW office.