The switch to a fully digitised tax system has been pushed back until at least 2020, after the government announced a new Making Tax Digital timetable to minimise business disruption and costs. more»
As Theresa May scrambles to form an alliance with other political leaders, Business Advice takes a look at some Conservative party small business policies that could be in jeopardy after the election. more»
A freelancer election manifesto from the UK’s largest independent professionals organisation has demanded a reformed taxation system for sole traders, taking away HMRC’s legislative powers and creating a bespoke freelance tax model. more»
It is likely that Making Tax Digital will be delayed by at least one year, meaning that it could now take until 2020 for the initiative to have an impact on millions of small business owners. more»
HMRC has begun to distribute invitations for a Making Tax Digital pilot, giving a small number of business owners the chance to road-test the incoming system. more»
The Treasury select committee has called for an independent review into the impact of quarterly tax reporting for small business owners, a new requirement under the government’s Making Tax Digital plans. more»
The Federation of Small Businesses (FSB) has backed a House of Lords report that calls for significant digital tax proposals, including a full delay of Making Tax Digital until 2020. more»
The government has promised to give unincorporated business owners and landlords with annual turnover below the VAT threshold an extra year before Making Tax Digital becomes mandatory. more»
The government estimated that the average cost for each business making the switch to Making Tax Digital would be £280 a year until 2020, while FSB research claimed the initiative was more likely to set companies back £2,770 a year. more»
Despite an eight month-long public consultation by HMRC, 20 per cent of the country’s smallest business owners still have not heard of the initiative, according to recent survey data. more»
