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