Have you missed the Making Tax Digital deadline?

business man holding up large clock at his desk looking worried
Have you missed the Making Tax Digital (MTD) registration deadline? Worried about the impact? Here’s what you need to know.

 

120,000 missed the MTD deadline

For the businesses who had an August deadline for Making Tax Digital, they should have been registered and have submitted their return by the 7 August 2019. However, according to the HMRC, 120,000 businesses failed to meet the first deadline.

 

How HMRC are dealing with this

Many of those businesses will be concerned about potential fines. The good news is that the HMRC has committed to not issuing penalties for the first year of the scheme. Their aim is to help businesses to get the process right and not penalise them.

Instead HMRC will be sending letters to those businesses who missed their deadline, with next steps to follow.

 

What to do now

If you are one of the businesses who missed the deadline, do not bury your head in the sand. If you have received a letter, then follow the advice contained. If you don’t have the correct software to deal with MTD, then seek advice from an accountant or by contacting HMRC.

You can also get lots of information on the gov.uk website here.

Ensure you know all the facts about MTD and don’t believe the myths – check out this myth-busting document issued by HMRC.

 

Further information

If you found this information useful, you may also want to check out the following:

 

MRA help individuals, businesses and families achieve the best quality of life they can with the resources they have. MRA specialise in corporate solutions, cash-flow analysis, life centred planning and much more.

Business Consultants based in East Sussex we service clients across the South East, Sussex and Kent, including smaller towns such as Ashford, Battle, Bexhill, Bodiam, Brighton & Hove, Cranbrook, Crowborough, Eastbourne, Hailsham, Hastings, Heathfield, Herstmonceux, Lewes, Mayfield, Newhaven, Rye, Seaford, Sevenoaks, Tenterden, Tonbridge and Tunbridge Wells.

 

Sources:

https://www.gov.uk/government/publications/making-tax-digital

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/812707/Making_Tax_Digital_mythbusters.pdf

https://www.modernworkmag.co.uk/businesses-escape-fine-missing-tax-deadline/