UK businesses are to get tax credits worth £400m to boost spending on research and development (R&D).
It is hoped that the measure will improve the innovation and competitiveness of the UK in an increasingly tough market.
In line with his pre-Budget statement, Chancellor Gordon Brown explained that the tax credits will be available to 1,500 businesses collectively spending over £11bn a year on R&D.
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Barclays has partnered with accounting software company Xero to provide businesses with access to transaction data through its direct feed.
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
Xero unveiled its expanded global partner programme at Xerocon South, the accounting technology conference in Australasia