The original proposals calls for managers to be prevented from reclaiming VAT on such things as rent and Reuters’ screens, something they are currently able to do.
But complaints from the industry and fears that the £50bn market based in London could be forced to relocate has led Customs to resume discussions with the industry to ‘listen to its concerns’ the FT reported.
No decision has yet been taken, but an announcement will be made shortly, Customs said.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory