Business owners and accountants are currently being consulted about the plans. But what we do know for sure at the moment is that:
Small businesses with sales of less that £10,000 a year will be exempt from filing returns under MTD
Other exemptions will apply for those who cannot file online for reasons of disability, age, or remoteness of location
VAT registered businesses will file one combined VAT return and income report with HMRC
The current penalty regime for late filing will be replaced with a points based system. This will be similar to the driving licence system where any points will be wiped from the slate at periodic intervals
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