Thank you to all ACCA members who have responded with your thoughts on the six consultations making up the Making Tax Digital suite. They close for comment on 7 November so please, if you have not already responded to HMRC, send them your views and ask your clients to also send their views on MTD to HMRC - even if it is just on mandation of quarterly reporting.
As previously highlighted, HMRC’s position is clear in the consultations and is illustrated by the statement ‘we believe that the full benefits of digital capability can only be delivered for all parties by mandating the use of digital record keeping software that links to and updates business’s digital accounts with HMRC’.
HMRC proposes that MTD will apply for:
income tax and national insurance in April 2018
VAT obligations in April 2019
corporation tax obligations in April 2020.
You have told ACCA that digital access for businesses and practitioners needs improvement, that the cost for businesses regarding the ‘quarterly returns’ and penalties were far too high, and that the MTD returns will, at a time when business needs to look at exporting, ‘take up management time and prevent businesses from looking at new opportunities’.
ACCA has been ensuring your views have been heard through the local and national media, at events, the party conferences and at meetings with HMRC. Earlier this week Chas Roy-Chowdhury, our head of taxation, gave evidence to the Treasury Select Committee. You can watch a recording of this.
ACCA will also be sending in a consultation response, drawn from your views and the views of the panels who represent you. We will publish this on our website here