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1.3m businesses welcome
digital Tax reprieve, says local specialist
NEWS that some of the smallest
businesses and landlords won't have to submit online Tax updates every three
months, will come as a huge relief to local business owners according to a small
business accountancy specialist. Andrew Geddes who runs Tax Assist
Accountants, in Southport said:- "We're delighted the Government is
listening to the concerns of business owners and has announced the exclusion of
a further 1.3 million small businesses and landlords from having to make
quarterly updates and keep their records digitally. This means 2.9 million of
the UK's 5.4 million businesses will be exempt from digital quarterly
reporting."
HMRC had previously said that only employees or pensioners who had profits of no
more than £10,000 from a 'secondary income', would be exempt, but
they have now included small firms and landlords with annual turnover or gross
income below £10,000. They are also considering delaying the deadline to go
digital for firms with annual income over £10,000, from 2018 to 2019.
"Local business owners are already facing major new responsibilities
including workplace pension schemes and the National Living Wage. Whilst the
'Making Tax Digital' plans will have some advantages for small businesses, the
initiative will require a huge shift in how many local business owners maintain
their records and interact with HMRC. The only way to update a digital Tax
Account will be via software and HMRC has said it will not be providing a
solution, so we'll continue to work closely with our national partners such as
QuickBooks Online, whose technology helps our clients to simplify processes and
reduce their administration time. The Government's plan to eliminate the
need for an annual Tax Return by 2020 still stands and we want to ensure that,
when the call does come for all small businesses to keep records digitally,
local business owners are ready." said Andrew Geddes.
TaxAssist Accountants Southport is a local business, based in Southport,
Ainsdale, Birkdale and Formby providing Tax and accountancy advice and services
purely to small businesses. |
