Quarterly reporting will be mandatory from 2018 with the smallest businesses pulled into HMRC’s Making Tax Digital first. Calls for a one-year soft launch have been rejected by the government and HMRC. With just over a year to go, there are many unanswered questions.

The much criticised £10,000 threshold has not been withdrawn, although the Treasury has backtracked and is at least reviewing this; calls for alignment with the £83,000 VAT threshold is what the accountancy profession and business organisations are lobbying for, but it seems unlikely that the government will opt for such a high threshold.

At the higher end, there is no clarity on where the cut-off point for quarterly reporting will fall; is the much talked of £10m a credible point?