The Government has abandoned key budget policies in light of the snap General Election – including plans to digitalise Tax Returns.
The policy, originally due to take effect from 2018 (for large businesses) and 2019 (for small businesses), is expected to be delayed by at least one year. But the decision to postpone has also raised the chances of the Making Tax Digital policy being completely scrapped.
While the controversial MTD plans were dropped in order to prevent any political fallout before the election, ministers have stated plans will recommence if the Conservative Party secure a win on the 8th June.
Worst-hit by the change will be the self-employed with turnovers of more than £85,000, who would have to file at least five returns per tax year in addition to their regular VAT returns.
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