Accountancy firm MHA MacIntyre Hudson, believes the industry needs more clarity from HMRC if it is to meet the Making Tax Digital (MTD) deadline on 1 April 2019.
According to Androulla Soteri, a tax development manager at the firm, MTD has changed so many times that the industry is “doubtful” it will happen.
“It’s not just about the changed road-map; with the UK’s potential ‘hard Brexit’ departure from the single market on 29 March 2019, and with MTD for VAT currently scheduled to come in three days later on 1 April 2019, something may have to give as there are still many obstacles to overcome,” Ms Soteri said.
“Beyond this, there are also challenges facing software companies who will be working against the clock to deliver packages which are adequately tested by the necessary time limits once HMRC have confirmed which software providers they will be working with.”
“If the current timetable is to be adhered to, HMRC must provide clarity around the MTD rules; although we are getting this with the draft regulations, uncertainty remains in some areas. HMRC need to pick up the pace and work with software suppliers to develop adequate updates and systems, while allowing businesses to get their systems in check.”
Ms Soteri warned that HMRC has a lot of work to do in a short period of time to ensure everything is in place and running, however this is a “definite danger area” which HMRC should be addressing with software suppliers and if this does not happen “many accountants will find April 2019 a very testing time.”
MHA MacIntyre Hudson offers a full range of compliance and advisory services to entrepreneurial businesses, groups and multinationals with operations in the UK, and offshore investment funds. The firm has 90 partners and over 700 staff in fourteen offices in London, the South East, East Anglia, the Midlands and the Cayman Islands.
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