The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
As these consultations are specific to certain MTD elements and groups, they will not be of interest to everyone; however the Policy Team will be reading the documents in detail to assess which areas are relevant to payroll professionals and employers in general. There will most certainly be some surveys coming your way on the Making Tax Digital reforms and we will endeavour to space them out to allow time for your input.
THE SIX CONSULTATIONS
Making Tax Digital: Bringing business tax into the digital age This consultation considers how digital record keeping and regular updates should operate. The proposals allow tax to be integrated into day to day business activity and enable businesses to provide a single update for multiple taxes, while offering maximum flexibility. Making Tax Digital: Tax administration This consultation covers aspects of the tax administration framework that need to change to support Making Tax Digital. It also sets out proposals to align aspects of the tax administration framework across taxes, including the simplification of late filing and late payment sanctions. Making Tax Digital: Transforming the tax system through the better use of information This consultation focuses on how HMRC will make better use of the information they currently receive from third parties to provide a more transparent service for customers that reduces end of year under and over-payments. Making Tax Digital: Voluntary pay as you go This consultation looks at options for customers covered by the requirement for digital record keeping to make and manage their voluntary payments. It considers how voluntary payments will be allocated across a customer’s different taxes and explores the best way of dealing with the repayment of voluntary payments. Business Income Tax: Simplifying tax for unincorporated businesses This consultation seeks views on changing how the self-employed map accounting periods onto the tax year (reform of basis period rules). It also seeks views on extending cash basis accounting to larger businesses; reducing reporting requirements for businesses and also removing the need to distinguish between capital and revenue for businesses using cash basis accounting.
Business Income Tax: Simplified cash basis for unincorporated property businesses This consultation considers the extension of cash basis accounting to landlords.
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Making Tax Digital for Business: Consultation events 8 September 2016
HMRC is starting to roll out a series of face-to-face events to discuss the recently published Making Tax Digital consultations.
HMRC want to encourage everyone who is interested in Making Tax Digital to give their views and respond to the consultations .
To help with this, HMRC is running a programme of webinars and face-to-face events across the UK which will provide more detail on the consultations and an opportunity to ask questions and give feedback.
Webinars Live webinars last for an hour. You can ask questions during the presentation and get answers from the HMRC host. You can register in advance, and you should log in at least 5 minutes before a live webinar is due to start.
HMRC are running two webinars:
Introduction to Making Tax Digital, for anyone interested in the Making Tax Digital reforms Overview of Making Tax Digital for Agents, which is designed specifically for tax agents and advisers
Introduction to Making Tax Digital Find out what Making Tax Digital means to you, including an overview of all the consultations around specific elements of the Making Tax Digital reforms. Register for any of these sessions by clicking the links below.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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