The ICAEW highlights concerns over Making Tax Digital for income tax self-assessment (MTD for ITSA) ten years after its first announcement and a year before its implementation.
On 18 March 2015 George Osborne promised to introduce ‘a revolutionary simplification of tax collection’ in an announcement of what would become making tax digital (MTD). It is now a year until MTD for ITSA becomes mandatory for the first group of taxpayers.
Approximately 795 000 taxpayers will need to comply from 2026 and 1.015m from 2027 keeping digital records and submitting information using commercial software to HMRC quarterly rather than annually.
The Institute supports the digitalisation of accounting records and HMRC services but opposes the quarterly update element of MTD income tax which in its view adds significant cost for no significant benefit.
Caroline Miskin ICAEW Senior Technical Manager Digital Taxation ...
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The ICAEW highlights concerns over Making Tax Digital for income tax self-assessment (MTD for ITSA) ten years after its first announcement and a year before its implementation.
On 18 March 2015 George Osborne promised to introduce ‘a revolutionary simplification of tax collection’ in an announcement of what would become making tax digital (MTD). It is now a year until MTD for ITSA becomes mandatory for the first group of taxpayers.
Approximately 795 000 taxpayers will need to comply from 2026 and 1.015m from 2027 keeping digital records and submitting information using commercial software to HMRC quarterly rather than annually.
The Institute supports the digitalisation of accounting records and HMRC services but opposes the quarterly update element of MTD income tax which in its view adds significant cost for no significant benefit.
Caroline Miskin ICAEW Senior Technical Manager Digital Taxation ...
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