This consultation ran from to
A consultation on how digital record keeping and regular updates should operate.
At Budget 2015, the Government set out the vision for a transformed tax system and in December 2015 launched the Making Tax Digital Roadmap, outlining more detail about what the transformed tax system will look like by 2020.
Because of the scales of these changes there is a lot we need to ask people about. We have published 6 consultation documents, each focusing on specific customer groups or elements of the Making Tax Digital reforms.
Focus of this consultation
This consultation considers how digital record keeping and regular updates should operate.
The proposals allow tax to be integrated into day to day business activity and enable businesses to provide a single update for multiple taxes, while offering maximum flexibility - for example as to when a business makes accounting adjustments or claims for allowances and reliefs - so that tax requirements fit in with existing business practices.
This consultation will be of interest to all businesses, the self-employed and landlords, as well as agents, business representative bodies, software developers and insolvency practitioners.