ICAS sets out 'Making Tax Digital' strategy
ICAS tax experts have launched a new strategy to help inform the UK Government’s plans to move HMRC to a fully digital tax system by 2020.
The ‘Making Tax Digital’ programme will require most businesses and individuals to interact online in real-time with HMRC.
Taxpayers will have a new digital tax account and businesses will be required to keep digital records and give HMRC quarterly updates online.
While ICAS supports the overall objectives of ‘Making Tax Digital’, it has significant reservations about the timescale and other key areas, including the impact digitisation will have on agents, small businesses and taxpayers.
The ICAS ‘Making Tax Digital’ strategy seeks to outline how ICAS will work with, and support, HMRC, taxpayers and ICAS members during the digital transformation of the UK’s tax administration.
As part of its strategy, ICAS will help HMRC implement Making Tax Digital by:
- Informing taxpayers about the changes to tax administration.
- Representing the public interest during the transformation process.
- Working with HMRC to improve the digital tax administration system.
- Supporting ICAS members to enable them to maximise the benefits.
Philip McNeill, ICAS Head of Taxation, Practice and Small Business, said: “The Government vision for totally digital tax administration is a once-in-a-lifetime change and will impact everyone interfacing with HMRC.
“We have sought to inform that transformation by highlighting key issues and questions on behalf of our members, business and the public.”