Making Tax Digital; HMRC


Peers raised concerns over the 2019 Loan Charge and the preparedness of business for digital tax reporting, during a debate this week (29) on two reports from the House of Lords Economic Affairs Committee’s Finance Bill Sub-Committee.

The committee’s report on Making Tax Digital was published in January and the Government’s response was reported in the April 24th political review.  Following the taking of oral evidence, committee chairman Andrew Tyrie wrote to the Federation of Small Business and the Financial Secretary to the Treasury asking them to give more details about their very different assessments of the cost to small businesses of adhering to obligations in Making Tax Digital. He sent their responses to the Administrative Burdens Advisory Board (ABAB) asking them to form an independent view on them because the figures are so different.


The Treasury Committee’s annual report on the Autumn Statement (this time also incorporating the Spending Review) included, as has become usual, assessments by the Chartered Institute of Taxation (CIOT), ICAEW and ACCA of the tax measures in Autumn Statement measured against the principles that tax policy should be fair; support growth and encourage competition; provide certainty; provide stability; be practicable; and provide for a coherent tax system