Many UK Businesses Miss First MTD Deadline

Regardless of HMRC sending out daily  updates for over  a year  as well as  a significant number of Television adverts promoting Making Tax Digital  compliant software, 10% of businesses have still missed the MTD deadline and therefore filed non compliant VAT returns. Figures released by HMRC show a 90% compliance rate.  1.2 million businesses were required to sign up to MTD for VAT before August 7th, however only 1 million have successfully done so. Considering over 100,000 businesses missed the deadline, HMRC is taking a more lenient approach than usual with regards to penalties to start with.