Making Tax Digital : Consultation Events
HMRC are holding a series of "face to face" Making Tax Digital consultation events around the UK during September and October. They will explain the proposals in their Making Tax Digital consultations and give self-employed businesses and their agents the opportunity to respond with their views.
Following a period of informal consultation with bodies such as the NFU there have already been some changes to HMRC's original thinking on Making Tax Digital. These include making more frequent tax payments voluntary and exempting very small businesses. However having now set out detailed proposals in the consultation documents, HMRC want to understand if there are further groups where an exemption or delay in implementation may be required and to fully understand any additional costs that may be imposed on self-employed businesses and if financial support may be required for certain groups.
The face to face events are scheduled for 3 hours but HMRC anticipate they will last between 1.5 and 3 hours, with some shorter "business only" sessions. You can find the current list of events and express an interest in attending one here. We also understand that further sessions may be added if there is sufficient demand.
If you are unable to attend one of these events you might want to find out more from one of HMRC's webinars about Making Tax Digital
HMRC's Making Tax Digital agenda has far reaching implications for all self-employed businesses including having to keep records digitally using accounting software and sending digital updates to HMRC at least quarterly.
The NFU has expressed a number of concerns with HMRCs further digital plans, both in terms of a mismatch with rural businesses access to digital infrastructure, and with the cost and burden of further mandatory quarterly updates for the self employed. We will continue to engage with both members and HMRC over the coming months.