1. General news
1.1 Making tax digital
HMRC has published two documents outlining some fundamental
changes that HMRC intend to make to the way the tax system works,
transforming tax administration, with the intention of making it
more effective, more efficient and easier for taxpayers.
The digital road map sets out the interesting and bold proposals
of HMRC and the Government. This includes quarterly reporting for
landlords and all but the largest businesses (over £20m
turnover). The plan is that businesses will use software that
compiles their tax data as part of their ordinary day-to-day
activity, with the submission process being less burdensome.
The 'simpler payment' discussion paper considers payment
arrangements for CT, for entities with profits of £20m or
less in a 12 month accounting period, Income Tax Self Assessment
(ITSA), Value Added Tax (VAT), Class 4 National Insurance
Contributions (NICs) and other taxes collected through the self
assessment
