Basis period reform and MTD: ATT letter to Financial Secretary to the Treasury
The ATT, along with other professional bodies, have written to the Financial Secretary to the Treasury, Jesse Norman MP, regarding proposed reform of the basis period rules and their interaction with the introduction of Making Tax Digital for Income Tax Self-Assessment (‘MTD for ITSA’) from April 2023.
The letter outlines our concerns over the proposed timetable for these changes, and highlights that a rush to implement them too quickly, especially on the back of Brexit and the pandemic, risks undermining the integrity of the tax system. As a result, we urge the Government to urgently reconsider the timetable for the basis period and MTD for ITSA proposals.
We have offered to meet with the Minister to discuss our concerns further, and will keep members updated with any further developments.