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February 15, 2024
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MTD expected to cost £1 billion more than originally forecast
A report published by the National Audit Office (NAO) has found that HMRC’s Making Tax Digital (MTD) initiative is expected to cost around £1 billion more than its initial £226 million budget, which was forecast in 2016.
MTD is intended to modernise the tax system for income tax self assessment, VAT and corporation tax. It requires taxpayers to keep records digitally and submit quarterly tax returns.
The NAO labelled HMRC’s initial timeframe for the implementation of MTD as ‘unrealistic’. It stated that bosses ‘failed to take the scale of the task into account’.
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