News & views

HMRC to review 2016/17 tax returns

HMRC are planning on reviewing up to 30,000 self-assessment returns from 2016/2017, after concerns that their tax calculator computed individual’s tax liabilities incorrectly.

The 2016/17 self-assessment period was a difficult time for agents, including us. This was due to an increasing number of returns subject to exclusions.

Making Tax Digital timeline

You will be aware that HMRC is moving forward with their digitisation of taxpayer VAT and Income Tax reporting requirements, under their much publicised Making Tax Digital (MTD) initiative. Below you will find the most recent announcements made by HMRC on this issue.

Budget 2018 overview

Philip Hammond’s third budget, and the last one scheduled to take place before Brexit next year, did not contain many big headline grabbing tax changes as it concentrated more on increased government spending in what the Chancellor claimed was recognition that the days of austerity are now over, as the state of the economy continues to improve.
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