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Be prepared
KEY POINTS
- Firms should start thinking about introducing internal training on MTD.
- Review the firm’s systems to ensure they are MTD capable.
- Discuss digitalisation with clients to find out the help they need.
- Create a new agent services government gateway account.
Digital transformation of taxation in the UK is coming. Despite HMRC’s Making Tax Digital (MTD) initiative being delayed the objective is still to close the tax gap. HMRC’s estimate for the 2015-16 gap is £34bn which it plans to reduce by £8bn by investing in digital technology to ensure its systems are fit for purpose.
The MTD proposals were opposed by many in the taxation sector. Eventually after the June general election the government decided to delay until 2020 implementation for small and medium-sized enterprises with a turnover under £85...
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