A round up of other news this week.
On 22 November 2018 the House of Lords Economic Affairs Committee published a report titled Making Tax Digital for VAT: Treating Small Businesses Fairly. The report is critical of many aspects of the Government’s Making Tax Digital (MTD) project and suggests the introduction of mandatory MTD for VAT should be delayed by at least one year from its current 1 April 2019 start date. It also recommends a delay until at least April 2022 before MTD is extended to corporation tax and income tax to ensure that lessons are learnt from the implementation of MTD for VAT. The Government is under no obligation to accept the recommendations in the report, so whether there will be any changes made to the current plans as a result is not yet clear.
Global KPMG study of 25,000 consumers reveals that we are embracing new technology, but are concerned with the types of data held by businesses.
A KPMG survey of 4,015 members of the British public reveals how few UK businesses are talking to their employees about the implications of Brexit.
The number of defined benefit schemes using fiduciary management has slowed down to only 9 percent growth in the 12 months to June 2018, the lowest level since KPMG began tracking.