Change is afoot!
HMRC plans to ‘reduce’ the burden on SMEs by requiring them to report quarterly on line rather than one lengthy tax return. A number of consultation documents are currently in circulation and businesses and professionals are being invited to express an opinion. HMRC have recently released not one but six consultations on the proposals and these can be viewed (including a handy one page ‘myth buster’). The consultations cover:
I’ll naturally be keeping you up to date with developments in this area but those wanting a sneak preview can view the detail on THIS LINK
HMRC plans to ‘reduce’ the burden on SMEs by requiring them to report quarterly on line rather than one lengthy tax return. A number of consultation documents are currently in circulation and businesses and professionals are being invited to express an opinion. HMRC have recently released not one but six consultations on the proposals and these can be viewed (including a handy one page ‘myth buster’). The consultations cover:
- Small businesses, the self employed and small landlords
- Bringing tax into the digital age
- Simplifying tax for unincorporated buisnesses
- Cash basis for unincorporated property businesses
- Voluntary pay as you go
- Tax administration
I’ll naturally be keeping you up to date with developments in this area but those wanting a sneak preview can view the detail on THIS LINK
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