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Light through the trees?
Key points
- The practical application of a fully digital approach to tax is a formidable challenge for many.
- The complexity of parts of UK tax law makes MTD in some areas extremely difficult.
- Basis period reform seemed like simplification; but the planned legislation in its current form will not fully have the desired effect.
- HMRC’s customs declaration service is a good example of a digital system that works well for all parties.
- If the UK is going to get the most out of MTD the government needs to accept the need for workable tax legislation.
Many agree that the intended policy outcome behind making tax digital (MTD) is sound but the practical application of a fully digital approach to tax is a formidable challenge for many and an overwhelming prospect to others. There is however good news. Responding to a recent BDO survey of 500 mid-market businesses...
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