The Treasury has announced a change of course on their Making Tax Digital Agenda with regard to mandatory quarterly tax reporting. These concessions are a result of FSB’s lobbying work and open dialogue with government.
Removing small firms and the self-employed with modest turnovers altogether from the Making Tax Digital proposals will now mean that in addition to the 1.6 million small businesses that were already excluded as a result of these changes, a further 1.3 million small firms will no longer be in scope.
This means that half of the UK’s 5.4 million small businesses will now not be affected by quarterly tax reporting. The expansion of cash accounting, a longer lead-in time for implementation and the offer of direct financial assistance will also help.
Read Mike Cherry’s comment on the HMT Making Tax Digital announcement
This information was provided by the FSB.