In its report published 17 March 2017, the UK House of Lords Economic Affairs Committee recommends that the government further review and delay the implementation of the proposal for the Making Tax Digital for business scheme. The new scheme replaces the current system of annual self-assessment with mandatory digital record keeping that will require businesses, the self-employed, and landlords to: Keep their tax records digitally using software compatible with HMRC systems and capable of making submissions to HMRC; Submit basic information on their income and expenses quarterly to HMRC using the software; and Prepare and confirm an annual statement via...