The British Chamber of Commerce (BCC) recently called for the introduction of Making Tax Digital (MTD) to be delayed. Their research suggested that a significant number of taxpayers do not know that MTD is happening and that those that do have been unable to prepare due to a lack of guidance or available software. There are undoubtedly significant challenges for HMRC but the department is listening and has a timetable for addressing these issues over the next few months.
The scope of MTD has been revised downwards since it was first announced following concerns raised by parliamentarians, the Treasury Select Committee, and industry bodies. We have seen initial plans for quarterly reporting and digital record keeping across VAT, income tax and corporation tax shelved for the time being, with the focus for now on MTD for VAT only.
Gresham House Strategic PLC (LON:GHS) has a 3.4% ownership of Tax Systems PLC, correct as of 31 January 2018 month end NAV announcement, released 1 February 2018.
