Martyn Day – 2016 Parliamentary Question to the HM Treasury
The below Parliamentary question was asked by Martyn Day on 2016-09-08.
To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for small businesses of his Department’s plans to introduce quarterly digital tax returns by 2020.
Jane Ellison
The Government launched the Making Tax Digital consultations on 15 August. The consultations included an initial impact assessment alongside an overview of the potential costs and savings. This initial assessment shows a reduction in businesses’ on-going administrative costs in the medium term; these proposals do not mean four tax returns a year.
The Government will publish an updated assessment in the Tax Information and Impact Note to be published alongside draft legislation
These reforms will bring the tax system into the 21st Century, contributing to HM Revenue and Customs’ overall target to reduce administrative burdens for business by £400m.
