A number of key announcements were made in Tuesday’s L-Day Written Ministerial Statement. See the below summary:
| • | Making Tax Digital (MTD) – Making Tax Digital (MTD) for VAT to be extended all businesses below the VAT threshold from April 2022. MTD will also apply to taxpayers who file Income Tax Self-Assessment for businesses and landlords with income over £10,000 from April 2023. |
| • | Business rates revaluation – the next revaluation of non-domestic property in England will take effect on 1 April 2023 and will be based on property values as of 1 April 2021. |
| • | Business rates review call for evidence – following the announcement of a review at the March budget, the government have now published details of the call for evidence They are seeking responses in two phases – Firstly, views on the multiplier and reliefs, by 18 September, to inform an interim report in the Autumn. Secondly, responses on all other sections by 31 October, ahead of the review’s conclusion in Spring 2021. Contact policy@hwchamber.co.uk if you would like to input into this consultation. |