HMRC has today launched six Making Tax Digital (MTD) consultation documents.
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The MTD Roadmap, published in December 2015, set out the government’s plans to deliver a fully digital tax service by 2020. We recognise that these reforms are ambitious and radical and there is a lot to design and develop before 2020. It’s important that we consult widely with interested parties to help shape these changes.
About the consultations
The six consultations set out detailed plans on how we propose to make tax digital and to simplify the tax system, covering:
- how digital record keeping and regular updates will operate;
- options to simplify tax for unincorporated businesses, including how the self-employed map accounting periods onto the tax year, extending cash basis accounting and reducing reporting requirements for unincorporated businesses;
- extending cash basis accounting to unincorporated property businesses, making life simpler for landlords;
- how the voluntary pay as you go arrangements announced at this year’s Budget will work;
- changes to tax administration to effectively underpin compliance with MTD and ensure we have a fair and proportionate penalties regime; and
- how HMRC will make better use of the information we currently receive from third parties to provide a more transparent service for customers.
Each consultation focuses on specific elements of the MTD reforms.
The consultation period will run from 9.30am Monday 15 August to midnight Monday 7 November 2016.
How to get involved in the consultations
Although this marks the start of our formal consultation period, we have been engaging extensively with stakeholders since MTD was announced last year and much of the content of the consultations has been informed by that engagement.
Each consultation document contains details of how to get involved in the discussion over the next 12 weeks and how to formally respond to the consultations.
The consultation period will offer an excellent opportunity to continue to shape HMRC’s approach to the implementation of MTD.
August 16, 2016 | Share: