Digital tax accounts

Tax / Treasury committee cancels Making Tax Digital hearing

The Treasury Select Committee has cancelled the two evidence sessions it had scheduled for this week, one on Making Tax Digital and the other with the Chancellor of the Exchequer, due to the upcoming snap general election

Tax / Finance Bill 2017 should not be rushed through without scrutiny

The Chartered Institute of Taxation (CIOT) has written to Chancellor Philip Hammond urging him not to rush through a large number of tax changes, inlcuding Making Tax Digital, without any real parliamentary scrutiny, particularly since complex measures such as interest restriction have already faced repeated amendment

Tax / Making Tax Digital should be ‘put into cold storage’, say MPs

In the latest twist in the Making Tax Digital saga, the influential Treasury Committee is reviewing calls for the move to quarterly reporting to be parked until HMRC can provide more clarity on software and IT availability issues folowing the latest hearing on the plans, reports Sara White

Tax / Making Tax Digital: what we know so far

With less than a year to go until the rollout of Making Tax Digital quarterly reporting for unincorporated businesses, there are still a raft of unanswered questions about testing and software provision, not to mention the readiness and ability of HMRC to support such a radical overhaul of the tax system. Sara White and Calum Fuller report

Tax / Browne: HMRC IT system fault costing taxpayers

Crucial aspects of HMRC’s IT system appear to be dysfunctional as it is seeking to digitise, and it is costing taxpayers, says Bishop Fleming head of tax Andrew Browne

Tax / HMRC launches Making Tax Digital pilot

HMRC has launched its Making Tax Digital for business pilot to test out its new reporting system, with a year to go before businesses with turnovers above the VAT threshold  are required to switch to digital records and provide quarterly summary updates from April 2019

Tax / HMRC customer service chief quits

The head of customer service at HMRC has announced she is leaving in May to go to the private sector after less than a year in the job, a role specially created for Ruth Owen in the recent HMRC customer service reorganisation

Tax / Government Gateway to link with Making Tax Digital

Existing clients of accountancy firms and tax advisers will transfer to newly-established Agent Services Accounts required to access HMRC under Making Tax Digital, the tax authority has confirmed

Tax / Tyrie calls for probe into real cost of Making Tax Digital

Andrew Tyrie MP, chairman of the Treasury Committee, has called for further analysis of the projected costs to small businesses of complying with quarterly reporting under Making Tax Digital as the Federation of Small Businesses (FSB) and HMRC’s estimations of the administrative burden differ immensely 

Tax / Dodwell: resentful acceptance of Making Tax Digital

Plans to roll out quarterly reporting under Making Tax Digital will raise admin and compliance costs but businesses are facing up to the reality of the overhaul in tax reporting requirements. Bill Dodwell, partner and head of tax policy at Deloitte, considers potential pitfalls, particularly with one-off payments

Tax / Rural broadband: how to improve access as Making Tax Digital looms

The postcode lottery for business-ready telecoms for rural enterprises remains a problem, only exacerbated by HMRC's rushed plans to roll out Making Tax Digital from 2018 onwards. Dave Millett, managing director of telecoms brokerage Equinox, asks what can be done

Tax / Making Tax Digital penalty system out for review

With 12 months to go until the start of quarterly reporting under Making Tax Digital, the government has set out three options for the new penalty regime for non compliance ranging from a points-based system to annual HMRC compliance checks although the fines, which could be up to £3,000 for those who keep no financial records, will not kick in immediately

Tax / Draft Finance Bill 2017 hints at transition plans for quarterly reporting

The 700-plus page draft Finance Bill has been published confirming plans to go ahead with quarterly reporting from 2018 for unincorporated businesses over the VAT threshold and an indication that there could be scope for variable transition rules for different types of business, reports Sara White

Tax / Call for farmers to be exempt from quarterly reporting

The House of Lords economic affairs committee has criticised HMRC plans for Making Tax Digital, describing details of potential costs and benefits as ‘opaque’ and calling for a delay in the introduction of quarterly digital reporting

Tax / Making Tax Digital VAT reporting starts April 2019

All sole traders, the self employed and landlords will have to start quarterly reporting VAT through the Making Tax Digital from April 2019, including VAT, HMRC has confirmed