Following a debate in the House of Commons yesterday (25th April 2017), legislation to implement the Making Tax Digital initiative has been removed from the Finance Bill 2017 along with over 70 other clauses.
More than half of the Finance Bill has been put on hold following the announcement of a general election on 8 June 2017. The Chartered Institute of Taxation (CIOT) warned against rushing through the extensive legislation without the necessary parliamentary scrutiny.
The policy around Making Tax Digital, which was due to impact businesses from April 2018, will be delayed by at least a year before it is added to the agenda again.
Here at Sheards, we still believe that there are huge benefits to be gained from implementing online accounting software.
Moving to a cloud based system provides businesses with a clear understanding of their business finances allowing them to take control and make well informed decisions based on up to date financial information.
Over 100 of our business clients are already reaping the benefits of online accounting and we are urging those already in the process of moving over to an online solution or that have been considering the transition to not be deterred from the changes to the legislation.
If you would like further information, please don’t hesitate to get in touch: advice@sheards.co.uk