TAXline News: May 2018
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during May 2018.
The Spring Statement on 13 March 2018 brought a number of consultations (summarised in last month’s TAXline), including a call for evidence on the VAT threshold and a consultation on selffunded work-related training. Open consultations are listed on page 6 and we would welcome your comments on them. The Treasury Committee has launched an inquiry looking at four components of VAT: the tax gap, Brexit, good tax policy and the impact of VAT on businesses. Not to be outdone, the Treasury Sub-Committee has also announced two inquiries: one into tax avoidance and evasion, and the other into the conduct of tax enquiries and the resolution of tax disputes. The deadline to submit evidence for all three inquiries is 31 May 2018, and we would welcome your comments by 18 May.
We continue to work on the prospective roll-out of Making Tax Digital (MTD). The MTD VAT regulations were laid on 28 February 2018 but we remain in discussions with HMRC about the content of the MTD for VAT Notice, which we expect to be published in the summer. The MTD for income tax pilot was opened up to more businesses on 15 March 2018 and is now in public beta, while the MTD for VAT pilot started in April as expected. The ICAEW MTD hub has been further updated for these developments.