Making tax digital: HMRC’s myth-buster
By Kirsten Hastings, 29 Jan 16
Horror stories have been rife since HM Revenue and Customs (HMRC) committed to transforming and digitising the UK tax system at the March 2015 budget. To allay fears the tax regulator has addressed some of the myths that have arisen.
MYTH: The new plans will increase errors and hinder compliance
Not true. The scope for error will be greatly reduced – meaning fewer businesses will face a larger than expected tax bill at the end of the year.
Annually £6.5bn is lost through error. These reforms will improve the quality of record keeping and reduce mistakes.
Tags: HMRC
