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ICAS wants more realistic MTD timescales
11 November 2016
The timescales proposed by HMRC for the implementation of Making Tax Digital (MTD) is unrealistic and poses a substantial risk to SMEs, says the ICAS.
It has significant reservations about the planned rollout, timescales and the mandatory approach of MTD, particularly when it comes to small and medium enterprises.
ICAS said implementation should come over a three to five-year period.
It believes that HMRC should have allowed a non-mandatory start beginning with large businesses. A single threshold for VAT and cash accounting should also be implemented.
ICAS is not alone. The Chartered Institute of Tax agrees that the government needs to rethink its strategy for digitalisation of tax and defer its introduction.
It would also like to see a substantial rise in the participation threshold from the proposed £10,000.
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