HMRC’s digital tax plans have been delayed until 2019 so that large businesses have enough time to adjust, it was announced at the taxman’s annual conference.
Financial secretary to the Treasury Jane Ellison, MP, said; “You also told us that even slightly larger businesses might need more time to prepare for the new system – so we have proposed deferring the introduction of any changes to 2019 for those businesses too.”
The move comes in response to concerns over the ‘worryingly short’ timetable for implementing HMRC’s ambitious digital tax strategy.
HMRC is making exceptions for smaller businesses that may not be able to adapt to digital tax.
Jane Ellison, MP, continued “You told us that the smallest businesses might struggle to keep their records online – so we exempted over a million more landlords and small businesses from the proposed changes.”
Last month, HMRC outlined the details its digital tax strategy in a series of consultation documents.
Companies must report on their complex financial structures including offshore accounts and notify HMRC
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