A summary of feedback received from the consultation on “Making Tax Digital”, the government’s decisions and HMRC’s next steps have been published in six response documents on GOV.UK. There is also a short overview which draws out the key conclusions from each of the consultations.
Some concessions so far, include:
- HMRC has revealed that businesses will be able to continue using spreadsheets tor record tax affairs, which can then be linked to software designed to automatically generate and send updates to HMRC;
- Free software will be available to the “majority” of small businesses, while those that cannot go digital will not be required to;
- All self-employed businesses and landlords with turnover of £10,000 or less will not have to keep record digitally or make quarterly updates.