2018 could be a significant year for small businesses. A proposal under consideration may well mean that most businesses will be required to file their tax returns on a quarterly basis rather than annually as now. David Gauke, Financial Secretary has been written to by the Treasury Committee voicing the concerns of small businesses.
A petition that demands HMRC have a rethink on this proposal has been signed by over 100,000 small businesses. The letter to David Gauke, Financial Secretary set the ball rolling and the high number of signatories on the petition means that Parliament is now expected to debate the proposal.
The Treasury Committee letter raises concern in regards to how little detail has been given about the proposal and asks for assurance that:
Businesses will not be compelled to pay tax sooner than now Businesses will not be required to provide quarterly updates requiring more burdensome record keeping than now Adequate arrangements will be made for those businesses who do not use computers; and All the details including the associated penalty regime will be subject to full consultation prior to any decisions.Comment
David Gauke, has yet to respond.
