HMRC has published its myth buster which highlighted the chasm that exists between businesses and their advisers and HMRC.
It has also been holding meetings around the country to further explain the policy. There is still very little detail on the proposal and this is what HMRC says in Agent Update 52: ‘The new digital tax accounts will integrate all the different information businesses already provide to HMRC into a simple, streamlined system. Instead of one big, onerous tax return each year, once a quarter businesses can check that the information they are collecting digitally is correct, and simply click ‘send’ to update HMRC. Businesses will not need to file four tax returns a year.’
There is real concern on the impact on taxpayers with the government’s research seeming to indicate that if the proposals continue unchanged that there could be a significant support issue. In broad brush terms; 1.95m taxpayers will need their hand held that is a lot of somebody’s non-productive time.
You can see some of the work ACCA has been undertaking and how you can continue to let us know your views on ACCA website.
Article extracted from ACCA “In Practice” Newsletter