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Making tax digital - November 2016

At the Treasury Select Committee (TSC) hearing on making tax digital (MTD) held on 25 October Rebecca Benneyworth appeared in her role as chair of HMRC’s Digital Advisory Group alongside ICAEW’s Frank Haskew ACCA’s Chas Roy-Chowdhury and the FSB’s Mike Cherry. All concurred that digital holds great potential for improving tax administration and compliance. All however cautioned that some aspects of MTD need to be rethought.
A number of concerns were expressed none of which should surprise HMRC. One was the lack of awareness in the small business community of the proposal to mandate digital record keeping. The witnesses agreed that the current £10 000 easement was woefully insufficient. The consensus was that a level no lower than the VAT threshold was needed to relieve small business of the extra cost burden that MTD would impose. None...

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