Given the current restrictions on participation in the pilot programme, the timescale for launching MTD for income tax is now very challenging, writes Paul Aplin OBE.
The 2015 Autumn Statement set out the government’s ambitions for Making Tax Digital: to transform HMRC into one of the most digitally advanced tax administrations in the world raise almost £1bn of additional tax annually by reducing record keeping errors and help to ease business compliance burdens.
The original 2020 target date slipped with MTD for VAT launching in 2019 and MTD for income tax (MTD for IT) now scheduled for April 2024. MTD for IT was always going to be far more complex than MTD for VAT and over recent months more of the practical implications of that complexity have become clearer from the regulations notices and recent guidance. Given all that still has to be achieved April...
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Given the current restrictions on participation in the pilot programme, the timescale for launching MTD for income tax is now very challenging, writes Paul Aplin OBE.
The 2015 Autumn Statement set out the government’s ambitions for Making Tax Digital: to transform HMRC into one of the most digitally advanced tax administrations in the world raise almost £1bn of additional tax annually by reducing record keeping errors and help to ease business compliance burdens.
The original 2020 target date slipped with MTD for VAT launching in 2019 and MTD for income tax (MTD for IT) now scheduled for April 2024. MTD for IT was always going to be far more complex than MTD for VAT and over recent months more of the practical implications of that complexity have become clearer from the regulations notices and recent guidance. Given all that still has to be achieved April...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
