The ICAEW Tax Faculty has identified businesses that are going to have the most difficulty with meeting making tax digital (MTD) obligations.
The ICAEW Tax Faculty has identified businesses that are going to have the most difficulty with meeting making tax digital (MTD) obligations. ICAEW has focused on unincorporated businesses and landlords, as issues affecting corporates and complex businesses are to be subject to a further consultation exercise. Businesses identified by ICAEW include:
VAT schemes, as the current software products do not cover all of the existing VAT schemes and the ICAEW predicts that there will not be sufficient options when MTD is introduced for VAT;
non-resident landlords, as communicating with this group will be difficult;
medical practitioners, where clinics are held in several locations;
construction workers, as HMRC does not plan to use data from CIS returns to pre-populate sub-contractor digital accounts at this stage; and
universal credit claimants, as DWP has no plans to use data from income calculations to pre-populate claimants’ digital accounts.
The ICAEW Tax Faculty has identified businesses that are going to have the most difficulty with meeting making tax digital (MTD) obligations.
The ICAEW Tax Faculty has identified businesses that are going to have the most difficulty with meeting making tax digital (MTD) obligations. ICAEW has focused on unincorporated businesses and landlords, as issues affecting corporates and complex businesses are to be subject to a further consultation exercise. Businesses identified by ICAEW include:
VAT schemes, as the current software products do not cover all of the existing VAT schemes and the ICAEW predicts that there will not be sufficient options when MTD is introduced for VAT;
non-resident landlords, as communicating with this group will be difficult;
medical practitioners, where clinics are held in several locations;
construction workers, as HMRC does not plan to use data from CIS returns to pre-populate sub-contractor digital accounts at this stage; and
universal credit claimants, as DWP has no plans to use data from income calculations to pre-populate claimants’ digital accounts.
