Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they are postponing Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned. Now, the government is introducing Making Tax Digital in the tax year beginning in April 2024.
Climate Change Minister Julie James recently launched the Welsh Government consultations on council tax and non-domestic rates. James launched the consultation last month to address the impact of second home ownership seen in some Welsh communities
You can now read additional information about the VAT deferral penalty. Businesses could be charged a 5% penalty or interest if they did not pay in full or make an arrangement to pay HMRC by 30 June 2021.
On 20 July 2021, the Treasury and HMRC issued a number of policy papers and consultations flagging up possible future tax changes. Draft legislation for inclusion in the next Finance Bill has also been issued alongside some of the measures.
The new regime will apply to periods starting 1 April 2022 for VAT and 6 April 2023 for income tax to coincide with the roll-out of MTD. For non-MTD taxpayers submitting ITSA returns the start date will be 6 April 2024.