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ICAEW highlights sectors facing compliance issues.
During the 2016 consultation period on Making Tax Digital (MTD) there was discussion about the different sectors and types of business that will have particular difficulty with their MTD obligations. Members of the ICAEW Tax Faculty have highlighted six groups.
- The agricultural industry with its poor availability of broadband complexity caused by diversification stock valuation averaging and other special tax and accounting rules.
- Non-resident landlords especially those who are unrepresented and may find it difficult to obtain data from letting agents in time to meet the deadlines for the quarterly updates.
- Medical practitioners and consultants operating clinics at several sites with record-keeping maintained separately at each one.
- Construction workers – HMRC has indicated that it does not intend to use reports submitted by construction industry scheme contractors to pre-populate...
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