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9am Lowdown
AccountingWEB

9am Lowdown: MTD costs, Brexit bill & Oracle MBX

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2nd Feb 2017
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Good morning and welcome to Thursday Lowdown.

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MTD costs businesses £280  

Businesses will face a £280 transitional cost in accommodating Making Tax Digital, the government estimated.

HMRC said the transitional costs will take into account time spent familiarising with the new digital tools, new apps and upgrading existing software and a “small minority” of businesses will need to purchase new hardware.

The transitional costs also include additional accountancy costs. However, HMRC believes the MTDfB changes will avoid the risk of “unwelcome and costly” HMRC compliance interventions, and savings will start to be made from 2020-2021

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Brexit paper to be published

The government will publish a Brexit whitepaper later today after MPs voted to allow the prime minister to begin the process to leave the European Union.

As the BBC reports, the Brexit whitepaper outlines the government’s negotiating aims for leaving the EU. MPs have already scrutinised the bill and added lodged hundreds of amendments.

Labour leader Jeremy Corbyn said: "The challenge is for MPs of all parties to ensure the best deal for Britain and that doesn't mean giving Theresa May a free hand to turn Britain into a bargain-basement tax haven."

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Oracle kicks off modern business experience day two

Oracle’s modern business experience moves into day two today, with a keynote from Professor Brian Cox.  

AccountingWEB attended day one, where the event focused on digital transformation and how we will soon be living in the post-dinosaur world. Yesterday’s event concluded with a keynote from Dragon Den’s Deborah Meaden. You can read a full report from day one here.

Things to look out for today include a keynote from Oracle cloud’s VP Steve Daheb and focus area breakouts.

You can follow the event on Twitter by searching the hashtag #OracleMBX

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Replies (3)

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By RobertD
02nd Feb 2017 11:39

Ah, so from that HMRC have costed a reduction of enquiry costs in to their figure. perhaps I should add the costs of eye tests and glasses for increased VDU work on my costing! Exactly how does HMRC calculate that a small minority need to upgrade hardware. Does their computer have an eye on Curry's sales ledger? £280 is a pitiful estimate and shows that HMRC cannot properly quantify or value time. My client's fees for the "full package, which many are requesting, will cost considerably more than that. Why let facts stand in the way Harra.

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By sybil33
06th Mar 2017 16:54

Whether it sinks in deep or not, its still worth doing. Clearly people have enormous misconceptions about what their taxes go towards and any effort to clear those up is worthwhile. An even slightly better informed electorate might enable us to avoid sayings like "keep your government hands off my Medicare" or "Hey, this KYnect health insurance plan is so much better than Obamacare."
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