British Association for Taxes and Levies encourages postpones the introduction of a digital quarterly reporting at least one year.
As part of the introduction of digital tax project, in 2020, the majority of enterprises, private entrepreneurs and landlords will be required to “monitor their tax affairs in digital form and update reports at least once a quarter with your digital tax records.”
In accordance with the statement of the association, the release of the five consultation documents on introduction of the digital tax returns, will be postponed until the European Union referendum, which will take place on 23 June. British Association of Taxes and Duties noted that such a delay could mean that the five consultations will be issued immediately, with simultaneous submission deadlines that allow for the launch of public testing in April 2017.
Yvette Nunn, co-chairman of Tax Professionals Association, said: “If we assume that all consultations will be required to be represented by say at the end of September 2016 to carry out all the phases of public testing by April 2017, it will be impossible to adequately take into account the views and constructive the issues raised in each consultation. This will negatively affect to the tax digital system. “
Nunn pointed out that a recent study by the Institute for England and Wales, Chartered Accountants, have shown that about 82 percent of private entrepreneurs have to change the way in which they conducted business records. Therefore, Nunn recommended to change the implementation of a schedule.