HMRC has delayed its plans to implement a fully digitalised business tax system until 2019. The reassessment will allow larger organisations more time to adapt the reforms that received widespread criticism when they were announced.
The Making Tax Digital rethink was announced at HMRC’s annual conference earlier this month.
“Better to get it right than stick to a rigid timetable”
Treasury Committee chair Andrew Tyrie has been most vocal in urging chancellor Philip Hammond to delay the HMRC’s Making Tax Digital plans. In a letter published on the Treasury Committee website, he raised concerns. He said: “HMRC’s proposals are major changes. There remains considerable cause for concern. Better to get it right than to stick to a rigid timetable.”
He added that an extra year might not be enough and it is worth piloting systems so any teething problems are ironed out before digital reporting is made mandatory.
The chancellor has asked HMRC to submit its draft proposals for the legislation by the end of November this year.
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