The government should think again about its plans to make it compulsory for self-employed businesses and landlords to keep digital records and report their income quarterly from April 2024 say tax advisers.
In a survey of tax professionals about making tax digital for income tax self assessment (MTD for ITSA) carried out by the Chartered Institute of Taxation and Association of Taxation Technicians 97% of respondents did not think that MTD for ITSA in its current form could be successfully introduced from April 2024.
The survey found further that 94% of respondents were uncomfortable with the level of taxpayer awareness and taxpayers’ ability to comply. Nearly two-thirds (65%) had concerns about the availability of suitable software.
On HMRC’s capacity and resources to support taxpayers and agents only 3% of respondents felt this was the case.
There was considerable support for pausing...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.