July was a busy month for HMRC as it published its annual accounts and report for 2024/25, along with its transformation roadmap and draft legislation for Finance Bill 2025/26. In this episode of The Tax Track we look at the challenges HMRC faces, from improving its services to taxpayers and agents to closing the tax gap; its plans for new and improved digital services; and the possible implications of the proposed changes for agents in particular as MTD and agent registration begin to take effect.LinksHMRC continues to miss performance targets https://www.icaew.com/insights/tax-news/2025/jul-2025/hmrc-continues-to-miss-performance-targetsTax gap falls slightly as a percentage of tax liabilities https://www.icaew.com/insights/tax-news/2025/jun-2025/tax-gap-falls-slightly-as-a-percentage-of-tax-liabilities HMRC promises new digital solutions for taxpayers and agents https://www.icaew.com/insights/tax-news/2025/jul-2025/hmrc-promises-new-digital-solutions-for-taxpayers-and-agents Have your say on draft Finance Bill legislation https://www.icaew.com/insights/tax-news/2025/jul-2025/have-your-say-on-draft-finance-bill-legislationICAEW reiterates concerns about MTD threshold reductionhttps://www.icaew.com/insights/tax-news/2025/jul-2025/icaew-reiterates-concerns-about-mtd-threshold-reductionPanellistsStephen Relf, Technical Manager, Tax, ICAEWFrank Haskew, Head of Taxation Strategy, ICAEWLindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWProducer: Ed AdamsEpisode recorded 24 July 2025Episode published 1 August 2025

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