This consultation covers the overarching MTD proposals, including quarterly reporting and an exemption for those with turnover less than £10,000.
Making Tax Digital (MTD) is being built around the concept of a digital tax account which is effectively an online portal where taxpayers can see what they have paid and what they owe to HMRC across all taxes (or so it is intended). They can also update their information and records, request refunds where due and interact with HMRC.
For most PAYE taxpayers, HMRC receive nearly all of the information they need from sources other than the taxpayer, so the intention is that logging on to the digital account and checking the information is correct will be the full extent of their responsibilities. Additional information will need to be reported for businesses and landlords however, and the intention is that their accounting records will be shared with HMRC via the digital tax account every quarter.
This consultation focuses on this quarterly reporting and deals with the following:
For further information please contact:
Tel: +44 20 73115709
Tel: +44 20 73114330