Just wondered with fellow TCash users if they have heard of Making Tax Digital and what their plans are for this?
It was brought to my attention last year. I will look at it now.
I have heard of it, working in the profession. My impression is that the success of RTI for payroll has wooed them into the belief that the many different accounting systems can be connected as easily to their servers as the much smaller number of payroll systems.
The draft specs I have seen suggest that not only will the software have to communicate accounting information to HMRC but also be capable of receiving and processing information from them.
In my view it is a project looking to fail unless the scope can be altered to accommodate the many people who use informal/ad hoc systems to manage their businesses. I am expecting them to produce a spreadsheet into which data can be typed or downloaded in order to meet their requirements.
Hopefully Philip will be able to make head or tail of the information HMRC have made available.
I am open to suggestions, but don't want to chase rainbows.
Online tax is a sub set of the bigger problem/opportunity to get accouting systems to talk to each other.
We do need to look at a data exchange framework. I will look at the HMRC web site and give you feed back.