On 22 January AccountingWEB will introduce the first edition of a new email bulletin in association with Thomson Reuters to provide a regular source of practical, well informed information and guidance about HMRC’s Making Tax Digital (MTD) initiative.
MTD is the biggest change facing tax practitioners in recent times. While the precise details are still being finalised in Whitehall, so much preparatory work will be needed that you would be very well advised to start planning now.
Once 2015-16 Self Assessment tax returns are out of the way, the next challenge is to work out how next year will pan out. All the same clients will need their SA returns completed, but if HMRC sticks to its planned timetable, any sole trader and unincorporated business clients you work for will need to put suitable systems in place to ensure they can meet the requirements for quarterly reporting from April 2018.
VAT traders will be drawn into quarterly reporting the following year, and corporation tax payers will follow in 2020.
AccountingWEB’s monthly MTD eBulletin will support you from now until then with a round-up of important news on the project, on-site discussions and practical guidance across the full range of issues you will need to consider:
MTD timetable and potential hold-ups
Technical and legal framework
How to educate clients and manage them through the process
Pilot scheme arrangements
Software tools - what will be available, when?
Expanded cash basis reporting and further simplification initiatives
Transitional arrangements between Self Assessment and MTD
Arrangements for corporate businesses and partnerships (consultation to come)
Already we have set the pace for covering MTD. You may have seen some of the material we have produced to support your preparations: