I think it was a spokesman for HMRC who said quarterly reporting was only there to demonstrate that records were being maintained digitally. And the House of Lords economic committee fairly trashed the whole concept, but their report was totally ignored by hmrc, who show a breathtaking arrogance in the face of criticism from multiple sources. I like to think the ICAEW worked on the inside in an effort to make HMRC see reason, and only now have gone public with these criticisms
I think it was the fact that bookkeepers would do the day to day and file the QUs, and the accountant would deal with the end of year filings, but only one could be the recognised agent
Out of curiosity, I went back to re-read the report of the Lords Economic Affairs committee enquiry into MTD for ITSA. For the most part, their lordships were disbelieving that any of the 'benefits' outlined by HMRC were attainable. Not the tax gap, nor the costs of compliance, nor the potential to supply individual tax forecasts seemed possible. And the £10,000 level was also heavily criticised. The HMRC representatives appeared fairly clueless. Jim Harra was also entirely unconvincing. That was in 2017 so it is amazing to me that only in December 2022 do they finally admit that after five years of intensive work on the project, the aims cannot yet be attained. The £10,000 is going to be raised considerably, and millions will no longer be mandated. There appears to be no true political oversight of HMRC, the financial secretary is putty in their hands, and they do whatever they want. It is time for the leadership to be replaced
Looking back, what is stunning is the number of criticisms from parliamentary committees, as well as from the professional bodies, aimed at HMRC, and its complete failure to respond, until a few days ago, when everything changed. £10,000 limit effectively scrapped, needs of small businesses to be looked into etc. You listed various questions that remain to be answered, how can it be possible to have got this far with no answers to them. Somebody in a high position should be answerable for this failure
CoxE you have beautifully expressed my feelings on this matter. It seems extraordinary that we have got to this stage and only now are HMRC seemingly discovering that the unresolved problems may not be capable of resolution. But they cannot bring themselves to admit this, as you can see by the misinformation contained in the FS's statement. Benefits, what benefits? I can now see my way forward to retirement in maybe 5 years without MTD having any impact
My answers
I think it was a spokesman for HMRC who said quarterly reporting was only there to demonstrate that records were being maintained digitally. And the House of Lords economic committee fairly trashed the whole concept, but their report was totally ignored by hmrc, who show a breathtaking arrogance in the face of criticism from multiple sources. I like to think the ICAEW worked on the inside in an effort to make HMRC see reason, and only now have gone public with these criticisms
I think it was the fact that bookkeepers would do the day to day and file the QUs, and the accountant would deal with the end of year filings, but only one could be the recognised agent
Out of curiosity, I went back to re-read the report of the Lords Economic Affairs committee enquiry into MTD for ITSA. For the most part, their lordships were disbelieving that any of the 'benefits' outlined by HMRC were attainable. Not the tax gap, nor the costs of compliance, nor the potential to supply individual tax forecasts seemed possible. And the £10,000 level was also heavily criticised. The HMRC representatives appeared fairly clueless. Jim Harra was also entirely unconvincing. That was in 2017 so it is amazing to me that only in December 2022 do they finally admit that after five years of intensive work on the project, the aims cannot yet be attained. The £10,000 is going to be raised considerably, and millions will no longer be mandated. There appears to be no true political oversight of HMRC, the financial secretary is putty in their hands, and they do whatever they want. It is time for the leadership to be replaced
Looking back, what is stunning is the number of criticisms from parliamentary committees, as well as from the professional bodies, aimed at HMRC, and its complete failure to respond, until a few days ago, when everything changed. £10,000 limit effectively scrapped, needs of small businesses to be looked into etc. You listed various questions that remain to be answered, how can it be possible to have got this far with no answers to them. Somebody in a high position should be answerable for this failure
CoxE you have beautifully expressed my feelings on this matter. It seems extraordinary that we have got to this stage and only now are HMRC seemingly discovering that the unresolved problems may not be capable of resolution. But they cannot bring themselves to admit this, as you can see by the misinformation contained in the FS's statement. Benefits, what benefits? I can now see my way forward to retirement in maybe 5 years without MTD having any impact
Sorry, I thought The Times was the paper of record, and it's on the front page this morning. I will be very cross if it's not true!
And it’s official, project delayed until 2026
edited
Why on earth would they know about it?
Are you sure about them paying 20/40/45 plus dividend tax?