Podcast: Making Tax Digital legislation – Where are we now?

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This month the AccountingWEB Making Tax Digital podcast discussed progress on the MTD legislation, spreadsheets, HMRC webinars and progress on the pilot scheme.

Joining the podcast was ACCA’s Jason Piper, Thomson Reuters’ Mark Purdue and Gary Jacobs from Eazitax.

According to Jason Piper, one of the ACCA’s members’ biggest concerns is around the use of Excel spreadsheets and how they will interact with HMRC’s systems. “A lot of businesses use Excel – especially for VAT,” said Piper, “and not just smaller businesses. Many larger businesses use complex spreadsheets to do their VAT work and want to know how this will fit.”

For Gary Jacobs, while the VAT pilot hadn’t yet started and is still in a transition period, the income tax pilot is still moving forward. “We are now actually having the exchange of information from clients, to us and through to the Revenue, so the function is looking as it will be with the finalised Making Tax Digital.”

Mark Purdue mentioned that HMRC has now started to engage with software developers around corporate tax. While plans are still at an early stage, the tax authority is identifying if corporates are going to join the scheme in 2020 what do we need to start talking about and when.

The Making Tax Digital podcast is recorded on a monthly basis. If you have any burning questions you can ask them in the comments box below and our panel will do their best to answer them next time around.

You can listen to the podcast by clicking play on the window above, visiting our Soundcloud page or subscribing to this podcast via iTunes, aCast, Soundcloud or your podcasting app of choice.

About Tom Herbert

Tom is acting editor at AccountingWEB, responsible for all editorial content on the site. If you have any comments or suggestions for us get in touch.

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22nd Oct 2017 10:43

Thank you.
What do I tell my 70 plus year old clients who are now retired and have dementia problems but due to unearnt income taxable above the personal threshold from a non uk jurisdiction still present me all their fiscal year documents in a shoebox and cannit even spell spreadsheet ( a bit like Phillip Hammond ) let alone have knowledge of what MTD stands for ?

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By Andy L
to itp3asso
23rd Oct 2017 10:23

They'll have to give them to you quarterly. This is where we come in. The problem is how to manage time costs versus client affordibility. It will cause problems for the very type of people you mention along with other individuals who earn a basic freelance living but are not accounting minded, while successful and affluent businesses will barely notice.

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22nd Oct 2017 10:44

Die??

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