Spring Statement 2019

Chancellor Philip Hammond’s second Spring Statement was delivered against a backdrop of political turmoil, following the voting down of Prime Minister Theresa May’s Brexit withdrawal deal.

Perhaps the most prevalent topic is the introduction of ‘Making Tax Digital (MTD)’ from 1 April 2019. This new scheme will require VAT registered businesses to keep digital VAT records and submit their VAT returns using MTD functional software. Customs and Excise in the Isle of Man have confirmed that this will not be a requirement for Manx businesses in the immediate future, but it looks like the path has been paved.

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