Treasury Committee says quarterly tax reporting is ‘too rushed’

The House of Commons Treasury Committee has published a report criticising HM Revenue & Customs’ Making Tax Digital (MTD) project, which will require small businesses, landlords and the self-employed to keep digital records of income and outgoings and report them to HMRC every quarter. The Committee’s Chairman Andrew Tyrie said the current plan has ‘serious shortcomings’ – principally that its costs and administrative burdens will drive some small firms out of business – and that its ‘rushed’ introduction date of April 2018 is unachievable.