SEE ALL TODAY'S STORIES »

HMRC's Making Tax Digital clarification welcome

14/05/2018 News Team

David Redfern, founder of DSR Tax Claims, a firm of tax rebate specialists, has welcomed clarification from HMRC on its Making Tax Digital (MTD) plans.

The comments came after reports that the tax authority was postponing the plans indefinitely due to resource concerns with the extra work Brexit would bring.

According to Mr Redfern, an email from HMRC at the end of last month stating that MTD was being de-prioritised in order to "release project capability to EU exit work", along with the halting of the "simple assessment" trial, fuelled fears that the MTD project would stall indefinitely. However, HMRC has clarified their position this week, assuring software developers that Making Tax Digital continues as planned.

"HMRC's clarification on the Making Tax Digital project is welcome, both for tax software developers and businesses alike,” he said. “Due to the ambitious nature of this project, businesses need to know where they stand so that they can be ready for the changes without risking penalties.

"Many businesses have put their own resources into ensuring they are ready for these changes and such uncertainty would cause considerable concern for those businesses, especially those whose turnover exceeds the VAT threshold.”


 

Share with Linkedin Share with Twitter
SEE ALL TODAY'S STORIES »

 RATE THIS ARTICLE
Poor   Average   Good   Excellent