Autumn Statement: MTD followup in New Year, frustrating some advisers

Autumn Statement: MTD followup in New Year, frustrating some advisers

Making Tax Digital responses to the consultations expected in January 2017

THE GOVERNMENT’S response to the Making Tax Digital (MTD) consultations will be in January 2017, disappointing some who expected a response during the Autumn Statement. It was briefly mentioned in the Autumn Statement documents.

MTD is the hot topic for the tax advisory community, with many expressing grave concerns about plans to introduce quarterly tax reporting.

Dawn Register, partner in tax dispute resolution, BDO, said the government “needs” the delay to respond, having received thousands of responses to the various digital-focused consultations.

Steve Cox, senior product director at IRIS Software, said that advisers would have hoped for “more insight” from the chancellor on MTD. “By failing to answer these questions, the chancellor has increased the fear of what lies ahead and negativity towards the mandate.”

Register continued: “Increased transparency on HMRC performance was a point raised, as many are unhappy and the government is under pressure. There were no details in HMRC investment and John McDonnell pointed out the 40% cuts to HMRC resources.”

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