Making Tax Digital
The government is continuing with its plans to introduce a fully digital system by 2020. On 25 January a debate was held in parliament and the government was keen to argue that the quarterly reports are not returns.
HMRC has stated that this is not ‘the equivalent of four returns a year’. However, in practice, many taxpayers are likely to want or need to complete a fifth submission, the annual return, in order to confirm or correct their position.
Are you prepared for the requirement to file up to 5 tax returns a year if the government achieve their objective?