HMRC proposals

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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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