HMRC are indicating that there will be a light touch to fines in the first year of the MTD introduction - but what does that mean?
We understand that this light touch only applies to record-keeping penalties and only where businesses have made a genuine effort to comply with the MTD requirements. For businesses that have not attempted to address the changes there could be a shocking fine in store.
There is no equivalent light touch for late payment or filing penalties.
It is very clear that HMRC want VAT to continue to be paid on time under MTD and that any businesses which do not pay their VAT, or pay late, remain exposed to penalties in the normal way.
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