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.