Business: Disclosure of Information
(asked on 17th July 2019) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of scrapping quarterly reporting for businesses with a turnover of under £85,000.
This question was answered on 22nd July 2019
There have been no changes to the reporting requirements for businesses below the VAT threshold. Making Tax Digital (MTD) applies only to VAT registered businesses above the £85,000 VAT threshold.
The Government has been clear that any move to extend MTD would happen only after it has assurance that the MTD for VAT service is working well, and will therefore not be mandating MTD for any new taxes or businesses in 2020.