Businesses and public bodies that make savings income payments to people living overseas or collect savings income payments for them, will have to report details on the individuals and the payments made to the Inland Revenue.
It claims businesses affected include banks, building societies, open-ended investment companies, lawyers and stockbrokers. The consultation period lasts until 28 November.
The European Commission is seeking to end tax evasion through secret accounts both within the EU and in countries like Switzerland and the US that could attract deposits from EU citizens.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
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
Does Darwin's theory apply to taxation? Colin ponders...