Quarterly reporting
Posted on 26 Oct 2016
Treasury rows back on quarterly digital reporting for SMEs
The Government is set to announce a U-turn on requiring SMEs and landlords to file returns online every three months. The Treasury is moving forward with plans to shift companies" tax filings on to the internet, but about 1.3m small firms and landlords will now be told that they will not have to file online updates each quarter. The government is also said to be deferring digital record-keeping and quarterly filing with HMRC for a further cluster of small companies. Mike Cherry, national chairman of the FSB, said: “We"ve been engaging with the Government extensively on this and it is good to see they are listening. Removing small businesses and the self-employed with modest turnovers altogether from the proposals would mean that half of the UK"s 5.4m small businesses would not be affected.”
