While 1 April 2019 is the start date for maintaining digital accounting records, it is not the deadline to sign up to Making Tax Digital. Adrian Rudd, Chair of the joint ATT/CIOT Digitalisation and Agent Strategy Working Group, said:

Non-UK residents selling a residential property have been liable to UK tax and required to file a tax return with HMRC within 30 days of sale since 6 April 2015.

From 1 April 2019, VAT registered businesses with turnover over the VAT threshold of £85,000 will be required to maintain digital accounting records and to file their VAT returns directly from Making Tax Digital compliant software.

“The Spring Statement has put beyond doubt that MTD for VAT will go ahead as planned from 1 April 2019. Anyone holding out for a last minute reprieve due, for example, to Brexit uncertainty, will need to focus on this urgently.

A recent research report prepared for HMRC1 explores “the potential (for HMRC) for extending their working hours for interventions beyond the standard working week, providing more choice for mid-size businesses, small businesses, individuals and agents acting on behalf of clients”

HMRC’s consultation exercise on The Taxation of Trusts: A Review closes this week (Thursday). In its submission,1 the ATT emphasises that trusts are a useful and flexible tool for many families to provide protection for children and other vulnerable beneficiaries.

Each February, HMRC issues £100 penalty notices following the 31 January self-assessment deadline. However, Brexit-related pressures on HMRC resources mean that the issue of those notices will be delayed this year – possibly until near the end of April 20191.

“It is good that progress is being made on awareness of MTD, though one in five affected businesses remain completely unaware of it and many of those that are aware are hazy on the details. There is a lot more work needed over the coming months.

At Budget 2018 the Chancellor said that the corporate income loss restriction (CILR) introduced in April 2017 will be extended to include carried forward capital losses from 1 April 2020.

In their guidance, HMRC confirm that they expect the buying and selling of cryptoassets by individuals will normally amount to an investment activity and be subject to Capital Gains Tax.