1 minute length
Posted: 16th December 2022

Comments from Jim Scott, Managing Director for Accountancy, IRIS Software Group:

“News from the media of a Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) delay is disappointing. We must have clarity for the industry, businesses and individuals.

“Stalling this legislation has implications for businesses, agents, accountancy firms and vendors alike. Suppliers have been trying to help HMRC execute MTD by building it into their apps and making sure it serves the market. There are also new vendors coming into the market with MTD products who are banking on this for commercial success. And, of course, accountancy professionals are not only receiving many questions from their customers but need to prepare their businesses.

“We cannot continue with these delays. HMRC must find time to complete their work and not prolong MTD with false starts.

“There must be clarity from the Government for all involved, including where the responsibilities lie in the process. MTD is a huge change in how we submit our taxes, and HMRC is not providing information transparently.

“Finally, HMRC must educate the market. This country has a problem with productivity, so they should be encouraging the use of tech, and quite frankly, the way this is being handled is disincentivising businesses. Digitisation is not a dirty word and we need certainty in this precarious economic environment.

“The benefits of digitising stretch far beyond MTD; in the current environment, being agile and having real-time insights are crucial to making the right decisions.”