Lord Taylor of Warwick – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-04-18.

To ask Her Majesty’s Government what assessment they have made of the claim by the FSB and Administrative Burdens Advisory Board that the proposed HM Revenue and Customs plans for quarterly tax returns would create a significant administrative and financial burden for small businesses.

Lord O’Neill of Gatley

HM Revenue and Customs (HMRC) has consulted informally to understand how the Making Tax Digital changes will affect businesses. This initial assessment shows a reduction in on-going administrative burdens over the longer-term, contributing to HMRC’s overall target to reduce tax administration by £400m by 2020.

HMRC will publish its initial assessment as part of the formal consultation process, working with stakeholders throughout 2016 to develop understanding, ensuring the final design is focused on reducing burdens.

As with any other tax measure, a detailed assessment of the impact on administrative burdens will be published alongside draft legislation, expected to be in December 2016.