Small firms face reporting pressures
The UK"s smallest firms could be left facing higher bills because of proposals for tax returns to be filed quarterly instead of annually. The Forum of Private Business (FPB) says the rule would cost micro-businesses an extra £600 a year in accounting fees, up from £1,000 a year, while firms with staff would see costs rise by £500 to £3,400. "Adding more reporting appears out of step with wider government attempts to reduce the regulatory burden and to streamline tax arrangements. The UK"s self-employed will particularly struggle with this change," the FPB’s chairman John Allan states. Defending the changes a spokesperson for HMRC says: "Many taxpayers have told us they would like more certainty over their tax bill and we acknowledge that they shouldn"t have to wait until after the end of the year before being landed with an unexpected tax bill."
The Daily Telegraph (28/12/2015) The Scotsman (28/12/2015)