Our response to HMRC's BBSI improvement proposals

It is clear from the original BBSI proposals, the revised versions, and from follow-up meetings with officials that the MTD plans are vague and aspirational with little consideration of the practical aspects of their implementation.  Some changes are scheduled for the 2018/ 19 return which gives financial institutions (and HMRC) no time to prepare. 

We understand HMRC’s wish to introduce a modern tax system based on digital technology.  Building societies need to know that the benefits to HMRC outweigh the considerable costs to themselves, and ultimately to their members.  For any change to be successfully introduced to the BBSI schema, building societies and other FIs will need adequate time, complete certainty and clarity.  

We note with interest the statement made by the Public Accounts Committee that some of the projects under HMRC’s transformation programme will be slowed down or stopped.  Making tax digital is a prime candidate for such “re-prioritisation”.  

Click here to read the full response.