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Technical

A taxing issue Logo cima

  Peter Bartram |   Free |   Seven |   Nov 2017 |   FM magazine

Governments around the world are pushing forward with the introduction of digital tax collection systems. The article explains how the proposed UK system is likely to work and the impact on small firms. Quarterly reports are suggested and the possible advantages include making organisations much more aware of their own financial position. It may require the recruitment of new staff with the necessary skills.

Topics covered:
  • Management accounting: Technical: Tax strategy, planning & compliance: Tax return preparation & review, Advanced

4 Comments/Reflections

Guy Gough

Guy Gough Sep 2018

The move to MTD is relevant to me as potential clients , particularly those who are VAT registered will need to "get cracking", I also see a one off small business opportunity to provide assistance at reasonable cost to get them started. Aligning VAT quarters and business years is something I will take on board, however insisting on "bank feeds" in my experience is preparing accounts in reverse order to some extent as the client ends up as the last person to find out when expenditure has happened , instead of controlling it before it happens. Still, I feel reading this was time well spent!
Persuade Kampinya

Persuade Kampinya May 2018

The article was about more information and technology impact on small business and the different government regulations. I was expecting more tax technocal updates
Kristian Cooper

Kristian Cooper Apr 2018

An interesting article. As a self employed accountant specialising in SMEs it is interesting to see the impact of potential changes towards digital taxation
Theda Gray

Theda Gray Jan 2018

Making Tax Digital means a behavioural change for businesses and how this is phased and managed to allow better decision making and management accounts is very much mistaken as another burden on business owners.