Chartered Tax Advisers & Accountants

Making Tax Digital

The idea of Making Tax Digital was first mooted in the 2015 Autumn Statement with the announcement that the Government wanted to replace the annual tax return with some form of quarterly accounting for the self-employed, landlords and partnerships.  Limited company obligations will also follow.  As more and more people become aware of this "quarterly reporting", concern is growing as to how this will impact on the self-employed.  

The Government's consultation on Making Tax Digital closed on 7 November 2016 and M&S submitted their responses to these consultations on 4 November 2016.  We expect final decisions regarding the consultation will be announced in the forthcoming 2016 Autumn Statement on 23 November.  As M&S are deeply concerned about these changes and their potential impact, we will be watching the Autumn Statement more closely than usual, and will provide our usual summary shortly afterwards.

We hope the information in this page will prove useful to you but if you have concerns as to what these changes might mean for you or your business please contact Stewart McKinnon, Tax Director or Wendy Cheung, Tax Manager or by emailing makingtaxdigital@msactax.co.uk


Update on Autumn Statement 2015

Published On: 22/12/2015

Our initial view on the Autumn Statement was that it was a damp squib.  Certainly there were one or two woolly and generic sentences that indicated further announcements with planned changes might follow, but is fair to say that we did not expect the explosion of consultation documents on new tax legislation that HMRC hit the profession with just before Christmas.  Not only did it cover announcements made earlier in the year including changes to the wear and tear allowances for furnished rental properties, rules on sporting testimonials, accelerated capital gains tax payments to name but a few but there was also a plethora of far more controversial announcements.

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