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MTD: time for a fundamental review?

15 May 2018 / Andrew Hubbard
Issue: 4647 / Categories: Comment & Analysis
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Back to basics

KEY POINTS

  • Digitisation of the tax system makes sense but must not be rushed.
  • Simplification should be explored first.
  • The TMA is nearly 50 years old and needs a radical overhaul.
  • HMRC must explain its hopes for what MTD will achieve.
  • Where do tax advisers fit in the process?

A couple of weeks ago HMRC announced a slowing down in its digital transformation. But the strategy is not dead and nor should it be. It makes eminent sense for HMRC and taxpayers to take advantage of the improvements that digital technology could bring to tax administration. A visit to exhibitions such as Accountex is enough to show that technology is transforming the way that accountants and tax advisers do business. It would be strange indeed if HMRC were not looking to...

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