A tax compliance update for Tolley’s Tax Digest

My tax compliance update for the May 2018 issue of Tolley’s Tax Digest starts like this:

This Digest draws together and summarises the primary and secondary legislation, and draft income tax and VAT notices, relating to HMRC’s Making Tax Digital project. At the time of writing some commentators had suggested that the implementation of Making Tax Digital for VAT might be deferred in the light of pressures created by the Brexit process, but no announcement had been made. The Office of Tax Simplification recommended in April 2018 ‘urgent work’ to simplify the business tax system.

Recent tax policy consultations and statutory instruments relevant to tax compliance are summarised, and the key compliance-related provisions of Finance Act 2018, Finance (No 2) Act 2017 and Criminal Finances Act 2017 are examined.

The focus throughout the Digest is on developments that are most likely to be relevant to individuals and their tax advisers.

The appendices summarise the main Taxes Management Act 1970 tax return provisions, as they apply for 2017/18 returns, and reproduce taxpayers’ rights and obligations as stated by HMRC in its publication ‘Your Charter’.

Tax professionals should also have regard to the guidance set out in ‘Professional Conduct in Relation to Taxation’, published by the leading tax and accountancy bodies.