Will we get one year fine free for MTD?
I’ve been re-visiting MTD and it’s big brother MTDfB and the fact that we are now on our third and supposedly final timetable, which of course HMRC basically said about the first two.
The basic start time for quarterly profits reporting has moved from April 2018 to April 2020 since it’s original announcement in December 2015.
Obviously, the MTD agenda being under the control of HMRC from the outset it was announced that there were to be penalties for late filing etc. and consultations were issued to help draw up the penalty regime.
Consternation abounded about the whole timetable from the outset and HMRC decided, as they did when their previous foray into mega tech was shall we say underperforming, to give a period of grace for penalties which they wonderfully named “soft landing”.
You will recall that the RTI soft landing period for fines and penalties was announced at one year which due to continued and lamentable failings which cost us as Accountants and our clients dearly ended up being extended for four years.
Now with MTD HMRC made play about giving a 1 year soft landing for MTD failings but with the timetable moving further back from the original 2018 to 2020 I’m wondering will HMRC be so benevolent with the fine free timescale?
Will they stick with one year? Or will they be saying that due to the extended timetable taxpayers will have plenty of time to sort themselves out to get ready for 2020 and so withdraw the one year?
Time like everything will give us the answerBack