There is a sense of very significant change for the tax system coming over the next few years. HMRC and government have been extremely active and a large volume of publications issued before the parliamentary recess address measures for the future of the tax system.
This webinar from the Tax Faculty provides a round up of all the measures that are under review and subject to consultation and how the faculty will be responding.
The current tax landscape includes:
- digitalisation of the tax system
- the extension of MTD for VAT to all traders from April 2022 and MTD for income tax being mandatory from April 2023
- the possibility of 'more timely' tax payments
- a review of the tax administration framework including simplified registration processes and smarter use of data
Changes due to take effect :
- Off-payroll working being extended to the private sector from April 2021
- Anti-avoidance - possible new measures to tackle promoters of avoidance schemes, and disguised remuneration schemes in particular
- Tax reform - The possibility of reforms to CGT, IHT, corporate interest deductions, taxing digital services, and R&D tax relief
- EU withdrawal - The end of the transitional period will mean major changes to the UK's trading arrangements
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