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Making Tax Digital's aim is to massively simplify tax returns (including VAT returns) for both individuals and businesses. It's whole aim it reduce time it take

Making Tax Digital's aim is to massively simplify tax returns (including VAT returns) for both individuals and businesses. It's whole aim it reduce time it takes dealing with taxes and give a live overview of tax obligations rather than waiting until the end of the financial year (or longer) to find out what you owe. I don't understand how any of that can be considered contentious especially as it's been pushed back to beyond April 2019 for roll out?

jarym 9y ago
Quarterly 'summary' accounts for small businesses that will almost certainly require software and incur penalties if made late or with mistakes. Asking your average market stall trader or a small retail shop to now require that they keep their management accounts up-to-date quarterly (when at the moment it needs to be done annually and the average accountant charges several hundred ££) is why its contentious. Edit: here is a short summary from CIoT: https://www.tax.org.uk/policy-technical/technical-news/making-tax-digital-vat-main-issues-consideration https://www.tax.org.uk/policy-technical/technical-news/makin...