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An alternative and more practical approach to Making Tax Digital.
At the recent ICAS practitioner conference on ‘Making Tax Digital’ (MTD) the showstopper in the question and answer session was: ‘Can you tell us why HMRC is doing this?’ And to that there appeared to be no simple answer.
We could go back to the four goals of the MTD roadmap: tax simplified making tax digital for business tax in one place making tax digital for individual taxpayers. Much here is laudable. But there would appear to be other quarry in relation to smaller businesses and one less easy to flush from cover.
Is HMRC seeking to improve record-keeping standards and encourage more contemporaneous recording? Does it envisage earlier payment of tax? Does it want to connect earlier reporting with more accurate payment of tax? Is the aim to engage with new businesses sooner? Does it want to close the tax gap attributable to...
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