If there’s a single theme for 2024 and beyond, it must be the increased adoption of digital reporting, whether by taxpayers or intermediaries: in particular, due to the renewed push to deliver MTD for income tax; the introduction of the new model reporting rules for digital platforms for sellers in the sharing and gig economy; and the automatic exchange of information in relation to cryptoassets from 2027. Beyond digital, large multinationals face a huge systems challenge following the implementation of Pillar Two in the UK and elsewhere. Meanwhile, the Finance Bill changes to the pensions rules leave a rather unstable regime, and it would not be a surprise if further changes were made. And despite some apparent simplifications, a combination of fiscal drag, rising interest rates and tax policy changes will be bringing many more taxpayers into the reporting framework.
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If there’s a single theme for 2024 and beyond, it must be the increased adoption of digital reporting, whether by taxpayers or intermediaries: in particular, due to the renewed push to deliver MTD for income tax; the introduction of the new model reporting rules for digital platforms for sellers in the sharing and gig economy; and the automatic exchange of information in relation to cryptoassets from 2027. Beyond digital, large multinationals face a huge systems challenge following the implementation of Pillar Two in the UK and elsewhere. Meanwhile, the Finance Bill changes to the pensions rules leave a rather unstable regime, and it would not be a surprise if further changes were made. And despite some apparent simplifications, a combination of fiscal drag, rising interest rates and tax policy changes will be bringing many more taxpayers into the reporting framework.
If you are not a subscriber, subscribe now to read this content.
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