ICAS launches ‘Making Tax Digital’ strategy

ICASICAS has launched its strategy to assist the UK Government’s plans to move HMRC to a fully digital tax system.

The ‘Making Tax Digital’ programme will require most businesses and individuals to interact online in real-time with HMRC.

Taxpayers will have a new digital tax account and businesses will be required to keep digital records, giving HMRC quarterly updates online.

ICAS is supporting the introduction of a digital system and its overall objectives of ‘Making Tax Digital’. However, this is not without significant reservations about the timescale of the project and other key areas, including the impact digitisation will have on agents, small businesses and taxpayers.

The ICAS ‘Making Tax Digital’ strategy seeks to outline how ICAS will work with, and support, HMRC, taxpayers and ICAS members during the digital transformation of the UK’s tax administration.

As part of the strategy, ICAS will help HMRC implement Making Tax Digital by informing taxpayers about the changes to tax administration and representing the public interest during the transformation process.

ICAS aims to work successfully with HMRC to improve the digital tax administration system, alongside supporting ICAS members to ensure that they can maximise the benefits of the new system.

Philip McNeill, ICAS Head of Taxation, Practice and Small Business, said: “The Government vision for totally digital tax administration is a once-in-a-lifetime change and will impact everyone interfacing with HMRC.

“We have sought to inform that transformation by highlighting key issues and questions on behalf of our members, business and the public.”

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