Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
The requirement to complete quarterly digital tax returns to HMRC that included Landlords has been one of the 72 clauses to be dropped from the Finance Bill out 135 clauses in total.
The Government has slashed the size of the Bill in an effort to rush the legislation through before the end of this Parliament. This is after Labour refused to rubber stamp without question the record length Bill leading the Chancellor Philip Hammond to accuse them of being soft on tax avoidance.
The Treasury has however, said that government will try to push through legislation that has been postponed including Quarterly Digital Tax returns at the earliest possible opportunity in the next Parliament. Confidence must be high, because, that is obviously assuming the Tories win the General election!
Accountants are welcoming the deferral which allows for more testing time and feedback from users on the new ‘Making Tax Digital’ software. It also gives more time for the effects of this fundamental change to the tax administration system on businesses and landlords to be debated and considered by MPs.
There has been a lot of confusion from landlords over the new digital tax returns and this will be seen by many as a welcome all be it potentially temporary reprieve.
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