HMRC has now published secondary and tertiary legislation on Making Tax Digital (MTD), specifically on income tax and VAT. This follows the publication of Finance Bill 2017-2019 on 8 September 2017 which includes the primary legislation.
HMRC is inviting comments by 10 November 2017. You can send your comments to the Tax Faculty (see below for details) and/or directly to HMRC at firstname.lastname@example.org
The draft legislation is as follows:
There is also an MTD for VAT: legislation overview document which confirms that the secondary legislation for VAT is expected no later than April 2018, and that businesses adopting the flat rate scheme, the annual accounting scheme or non-standard VAT returns (ie, not quarterly) can continue to do so under MTD.
The MTD hub (www.icaew.com/mtd) will be updated in the coming weeks once we have reviewed the draft regulations. The Tax Faculty will be responding to the consultation and is keen to hear members’ views: please send comments by 20 October 2017 to Caroline Miskin email@example.com