HMRC has replaced its making tax digital (MTD) timeline illustration with a Q&A document intended to dispel what it regards as a number of common misconceptions about MTD.
The document challenges statements such as ‘businesses don’t know it’s happening’, ‘everyone will have to join by 1 April’, or ‘businesses will have to provide more information than they already do’. It also draws attention to the ‘light touch’ approach to penalties during the first year of mandatory digital record keeping.
HMRC has replaced its making tax digital (MTD) timeline illustration with a Q&A document intended to dispel what it regards as a number of common misconceptions about MTD.
The document challenges statements such as ‘businesses don’t know it’s happening’, ‘everyone will have to join by 1 April’, or ‘businesses will have to provide more information than they already do’. It also draws attention to the ‘light touch’ approach to penalties during the first year of mandatory digital record keeping.
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