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<p>The Government launched the Making Tax Digital consultations on 15 August. The
consultations included an initial impact assessment alongside an overview of the potential
costs and savings. This initial assessment shows a reduction in businesses’ on-going
administrative costs in the medium term; these proposals do not mean four tax returns
a year.</p><p>The Government will publish an updated assessment in the Tax Information
and Impact Note to be published alongside draft legislation</p><p>These reforms will
bring the tax system into the 21<sup>st</sup> Century, contributing to HM Revenue
and Customs’ overall target to reduce administrative burdens for business by £400m.</p><p>
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