The Administrative Burden Advisory Board (“ABAB”) published their Tell ABAB Survey report 2022 last month. According to the report, the majority (79 percent) of SMEs and tax agents believe that Making Tax Digital (“MTD”) for Income Tax will increase the time spent and costs incurred in keeping records. 58 percent stated that this increase will be significant. HMRC currently plans to introduce MTD for Income Tax from April 2024 for the self-employed and landlords with turnover over £10,000.
The report is one of the key ways ABAB and HMRC gain insight. This year’s survey was conducted in April and May 2022 and achieved over 3,000 responses; 68 percent from businesses and 32 percent from tax agents.
ABAB is made up of 13 members with a wide range of relevant and up to date business knowledge and expertise. It is independent, representing a cross section of businesses and professions and offers constructive challenge and support to HMRC by championing the views and concerns impacting the small business community.
If you would like to comment on the report or help ABAB with their work, email advisoryboard.adminburden@hmrc.gov.uk .