Weekly tax highlights ― 9 June 2025

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

ATT issues Technical FAQs for Making Tax Digital

The ATT has published a new set of Technical Frequently Asked Questions (FAQs) for Making Tax Digital.

The ATT’s new FAQs for Making Tax Digital are aimed primarily at agents, but are also relevant to taxpayers with more complex affairs. They are intended to complement the ATT’s existing, more general MTD FAQs.

See Simon’s Taxes A4.172.

International

OECD Releases Consolidated Common Reporting Standard

The OECD has expanded the scope of the Common Reporting Standard to include specific electronic money products and central bank digital currencies, and indirect investments in cryptoassets.

The Standard for Automatic Exchange of Financial Account Information in Tax Matters, also referred to as the Common Reporting Standard (CRS) calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

Further to a comprehensive review of the CRS, the OECD adopted a set of amendments in August 2022. As a result, the scope of the CRS has been expanded

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