The 2017 Finance Bill was published on Monday 20 March.
The Treasury said the bill, which is over 700 pages in length, “continues the Government’s crackdown on tax avoidance” and “improves the fairness of the tax system while modernising it for the digital age”.
It is intended that the reforms will help businesses get their tax right the first time, putting them more in control of their tax affairs. To give smaller businesses more time to prepare, Spring Budget 2017 announced that businesses with a turnover below the VAT registration threshold will have an extra year, until April 2019, before the introduction of mandatory digital record-keeping and quarterly reporting.
If you would like to discuss, please call David Buck, Tax Partner on 01788 539000.