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Making tax digital – time to stop
I read with interest Mark Morton’s article ‘Making tax digital – time to stop’ (Taxation 8 August 2024) imploring the chancellor to apply the brakes to the rollout of digitalisation.
It is obvious that any system will rely upon small traders submitting their accounts on a cash basis whether quarterly or annually as is the default position for property income.
I believe the problem lies in the misunderstanding of accounts. Try explaining to the trustees of a small trust that uses the cash basis that the village magazine has not made a profit – the positive outcome is merely because the printer was late sending in his last invoice.
Oh say some you can look a couple of pages later and there is the list of what is owed but they are not a set of...
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