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UK Issues Multiple Consultations on Making Tax Digital

17 August 2016

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Proposed Changes

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United Kingdom

On 15 August 2016, UK HMRC issued six separate consultations related to the initiative for Making Tax Digital, as well as an overview consultation on the main design choices. The consultations and brief descriptions are as follows. Making Tax Digital: Bringing business tax into the digital age 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...