HMRC’s Making Tax Digital (MTD) programme is expected to generate £265m of additional revenue this year which is 45% lower than the original forecast of £470m

After confirmation that the UK is to introduce and consult on three more taxes in the Budget last week, tax agents are becoming concerned about this rapid introduction, says the Chartered Institute of Taxation (CIOT) and Association of Taxation Technicians (ATT)

Basis period reform has to come in before the latest changes to Making Tax Digital for income tax, which are now slated for April 2024, HMRC officials have told a Lords committee

After the highly anticipated second Budget of the year, UK accountancy bodies share their reactions to the announcements from the Chancellor

Around 82% of mid-sized businesses revealed that Making Tax Digital (MTD) for VAT has convinced them that further digitalisation will make the tax system more efficient

Despite a one-year delay to implementation, it is important to start preparing for Making Tax Digital for income tax self-assessment (MTD for ITSA) now that regulations have been made legislating the start date and implementing the rules, says Meg Wilson, tax writer at Croner-i

HMRC has extended the trial of a pre-release version extension of its PAYE for the agent’s online service which allows agents to see employer liabilities and payments

The Making Tax Digital initiative, which the government states should be ‘making it easier for individuals and businesses to get their tax right’ has significantly increased costs and admin burdens for small firms

The UK’s accountancy institutes are concerned that without an improved basis period reform then Making Tax Digital (MTD) for income tax will not be successful

In a statement to MPs today, new financial secretary to the Treasury Lucy Frazer has confirmed that the introduction of Making Tax Digital (MTD) for income tax will be postponed by a year

The House of Lords Finance Bill Committee is planning to investigate the income tax basis period reform and uncertain tax treatment and has launched a consultation

The Institute of Chartered Accountants in England and Wales (ICAEW) has called for the government to drop the self-assessment tax reform plans as it ‘will likely create as many problems as it might solve’