I saw the government announced the extension of MTD yesterday to the following:
- taxpayers who file income tax self-assessment tax returns for business or property income over £10,000 annually from April 2023
- all VAT registered businesses with turnover below the VAT threshold (£85,000) from April 2022
HMRC pilot starting in April 2021 for businesses and landlords to test the service before the requirement to join.
It’s going to be a huge project for HMRC to implement for sure, but feels like great news for Coconut (potentially an even larger total addressable market), their customers (able to remove more admin) and investors
Interested in what business owners and accountants think, as I’ve already seen some mixed comments here - https://www.accountingweb.co.uk/tax/hmrc-policy/breaking-mtd-scheduled-for-2022-23-rollout