You are hopefully aware of the looming changes affecting sole-traders and companies in relation to on-line tax returns and the QUARTERLY frequency being proposed?
We have liaised with our colleagues at the FSB and can confirm the key business objections that are ALREADY being voiced at this stage:
* Opposition to the mandatory aspect of quarterly tax reporting is a fundamental red line. Businesses must be able to choose whether or not they wish to transition over to this scheme;
* The current implementation timetable set for April 2018 must be delayed until comprehensive scrutiny of HMRC’s proposals has been undertaken alongside comprehensive user-testing of the new digital tax systems;
* All businesses with a turnover below £83,000 should automatically be exempt from quarterly tax reporting.
In the meantime, we are awaiting what the Government will announce at Budget before legislation is introduced to parliament (this includes answers on increasing the turnover exemption threshold, the deferrals exemption threshold and what financial assistance will be available to small businesses to cope with the changes). This will be the next big moment for business groups to push and we will keep you updated as things develop.