Firms fear ‘burdensome’ digital shift
Self-employed individuals and small business owners have voiced concerns that the Making Tax Digital initiative will add hugely to their costs and workload. The Sunday Telegraph reports that from April 2018, self-employed people with turnovers of more than £85,000 will have to file at least five returns per tax year under the scheme. It adds that some people will be making as many as nine VAT and tax returns per tax year in addition to meeting six payment deadlines. The Government says MTD will eradicate errors made by the self-employed and small businesses that currently result in billions of pounds in tax going uncollected. But many small businesses, landlords and self-employed individuals have attacked the plans as “absurdly burdensome” and “damaging to business and growth”.
Source: The Sunday Telegraph (26/03/2017)