Making Tax Digital

 


Tax professionals welcome the Government’s publication today of a consultation on Making Tax Digital (MTD) for Corporation Tax – especially the confirmation that it is not compulsory for companies until at least 2026.1

The Chartered Institute of Taxation (CIOT) has welcomed a call by the Public Accounts Committee for HMRC to assess whether the administrative burden that ‘Making Tax Digital’ is imposing on taxpayers is reasonable and affordable before proceeding with further national roll out of the project.

It’s now over three months since the announcements which put VAT firmly at the vanguard of the Making Tax Digital (MTD) programme. Our blog in July took a look at the challenges faced by businesses, advisers and HMRC.

This blog item has been updated. Please see the new blog date 30 October which can be found here.

The recent announcements around Making Tax Digital (MTD) place VAT firmly at the vanguard of the programme. The CIOT takes a closer look at the challenges faced by businesses, advisers and HMRC.

Richard Wild, head of tax technical team at The Chartered Institute of Taxation (CIOT), talks about the digitalisation of the UK tax system.

John Preston, Incoming CIOT President of the Chartered Institute of Taxation (CIOT), sets out some of the differences between the approaches of the UK and Australian revenue authorities in the ways they are implementing their respective Making Tax Digital (MTD) programmes. 

Representatives of HMRC defended the Making Tax Digital project to the Economic Affairs Finance Bill Sub-Committee after stakeholders had criticised the breadth and timing of the plans in previous Committee sessions. 

The Finance Bill Sub-Committee of the House of Lords Economic Affairs Committee produces (usually) just one report a year – on the aspects of the draft Finance Bill that it thinks most warrant scrutiny. This year the sub-committee has decided to focus entirely on Making Tax Digital (MTD) and the draft legislation that will apply to small businesses and residential landlords.