Hidden within a recent publication is confirmation that Making Tax Digital (MTD) for corporation tax will no longer be implemented.
The recent “transformation roadmap” published by HMRC on 21 July details the objectives and aims, within these pages HMRC have confirmed that MTD for corporation has been scrapped. This will no doubt be a relief for most small businesses, given the additional costs and administrative pressure MTD for corporation tax would bring.
While this is good news HMRC has stated they still intend to modernise the corporation tax services and at the moment they are focusing it around renewing their internal systems but what impact this will have on small business is unknown at the moment.
