Best Accountants in Watford

ICAEW asks HMRC to reevaluate its plans for quarterly tax self-reporting. The Institute of Chartered Accountants in England and Wales (ICAEW) has asked HMRC to reconsider the planned implementation of quarterly reporting by taxpayers under the income tax self-assessment system. The plan to mandate the use of Making Tax Digital (MTD) for income tax self-assessment would require self-employed individuals and small-scale landlords to prepare income tax returns five times each year. This would include four quarterly reports and a year-end reconciliation report. According to the ICAEW, the administrative burden associated with quarterly updates is 'disproportionate' and should be reconsidered.