Legislation to implement the government’s Making Tax Digital initiative has been put on hold.
The plans, which would see businesses and the self-employed submit multiple tax returns online via computers or smartphones, have been met with widespread criticism.
However, following last week’s announcement of a general election, the government has decided to drop 72 out of the 135 clauses from the Finance Bill 2017- including Making Tax Digital. This decision has been met with positive feedback from the accountancy sector.
Although the legislation may still be passed in the future, many accountants and tax experts have welcomed the opportunity to properly discuss and debate the proposed legislation further before it becomes law.
We shall keep you updated as the situation develops.