The CIOT has also responded to HMRC’s consultation Better use of new and improved third party data welcoming the principle of using improved data to help taxpayers meet their tax obligations (for example by pre-populating returns) but noting that ‘care needs to be taken that plans for the better and increased collection of third-party data are achievable likely to meet their objectives and a realistic fit with HMRC’s plans for change in the next five to ten years’.
A ‘realistic and cautious approach’ runs through the CIOT’s submission – for example urging care to ensure that any pre-populated information is complete accurate and amendable by the taxpayer or agent with sufficient detail provided to enable the taxpayer to understand the breakdown of the particular figure.
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The CIOT has also responded to HMRC’s consultation Better use of new and improved third party data welcoming the principle of using improved data to help taxpayers meet their tax obligations (for example by pre-populating returns) but noting that ‘care needs to be taken that plans for the better and increased collection of third-party data are achievable likely to meet their objectives and a realistic fit with HMRC’s plans for change in the next five to ten years’.
A ‘realistic and cautious approach’ runs through the CIOT’s submission – for example urging care to ensure that any pre-populated information is complete accurate and amendable by the taxpayer or agent with sufficient detail provided to enable the taxpayer to understand the breakdown of the particular figure.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
