Published On: 15 August 2016
Over a month after they expected to issue an update on Making Tax Digital and the changes being considered to the tax system for sole traders, partnerships and limited companies in the UK, HMRC has today done so.
However for those expecting clarity on the position that is not going to happen soon, as HMRC’s response is to seek further consultation on the changes being proposed. The publications and documentations issued today by HMRC amount to a further 250 pages of ’light reading’ on how this will impact on the self-employed. Details for limited companies will follow later in the year.
One of our tasks at M&S is now to read through the documents to get more detail on what is being proposed and to consider our response. In addition we will put together a summary on what these potential changes might mean for taxpayers.
In one respect we are pleased at the further consultation as it would, on the face of it, at least seem that HMRC are prepared to address some of the concerns raised over the whole process.