The UK Budget 2015 introduced the Making Tax Digital (‘MTD’) initiative and outlined HMRC’s vision of transforming the UK tax system by executing it via a digitalised platform. Whilst intended to come into force in April 2018, there was widespread concern amongst business owners, professionals and governing bodies in respect of the pace and scale of changes being introduced.
With Philip Hammond’s first and now last Autumn Statement delivered, the general consensus is that there were no headline grabbing tax changes which were not previously expected. What is clear is that April 2017 will bring a whole host of changes impacting both corporates and individuals (particularly the former) and it remains to be seen whether the changes will provide an element of stability to the UK economy amid the uncertainty surrounding Brexit.
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