For all those, including me, who thought (or at least hoped) that HMRC had finally seen the light go out in the eyes of MTD ITSA ... they are still actively and optimistically applying the electric paddles, whilst claiming the future is (digitally) bright.
Yesterday saw the publication of another Open Consultation - this time on "Draft legislation: Income Tax (Digital Requirements) (Amendment) Regulations 2024"
The cynic in me does wonder at the timing ("This consultation closes at 11:59pm on 12 January 2024" - so now we know how much they believe in their definition of the 'SA peak'), but the contents reveal how little they've been deflected from their central belief system. The draft regulations primarily amend the 2021 regulations in order to:
- revise MTD mandation date and threshold
- 'improve' the design of quarterly updates
- 'simplify' processes by removing End of Period statements
- introduce easements for landlords with jointly owned property
- exempt specific groups from MTD requirements
The draft Regs can be found at https://www.gov.uk/government/consultations/draft-legislation-income-tax...
Personally I find the claims (that these changes 'improve' or 'simplify' the areas tackled) strange - and I'm being circumspect in my choice of wording!
The usual trick of reinforcing the suspect core, whilst applying copious quantities of sticky-backed plastic (i.e. exceptions, variations et al) to all the acknowledged broken bits, is more likely to lead to confusion - but what do others think?
[For example: Software notice – made further to regulation 3 ...
"Functional compatible software must comply with the following condition: once a digital record has been entered into a software program that forms part of the functional compatible software, any transfer, recapture, or modification of that digital record within the functional compatible software must happen digitally and not manually."
Not much change to what HMRC always wanted, but now it's being put into Regs.]
Of course you may be more interested in how they aim to address: Joint Property Owners / the QU content dependency on the relevant person’s business(es) / or simply the unresolved questions about *how* QUs are meant to operate (or *what* they will deliver) in the absence of an EOPS?