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.