Small firms unaware of impending tax changes
A report commissioned by HMRC reveals widespread ignorance among small businesses about the government’s "making tax digital" proposals. Seven in ten small businesses and landlords are not aware of the impending shake-up, which will oblige them to digitise their tax records and update HMRC four times a year. The proposals affect an estimated 1.6m companies, 2.4m self-employed people and 900,000 residential landlords, and the ATT has described the apparent lack of awareness as a "serious problem". The Ipsos Mori survey of 2,900 businesses and landlords also found a willingness to comply with the requirements among 70% of respondents. One in four firms said they would only comply under the threat of fines, and a third said they expect complying to be difficult.
Source: The Times (18/12/2017)