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Chartered AccountantsFears over burden of quarterly returns
The Mail reports on new rules requiring the self-employed and small business owners to file online tax returns four times a year. Landlords who make more than £10,000 a year profit will also be subjected to the measure, which is part of a digital revolution at HMRC. Chas Roy-Chowdhury, of the ACCA, says: “These changes are going to be very onerous… it is going to be a real burden". Businesses will have to make sure their books and records are up to date at least four times a year in order to prepare the quarterly tax return. John Allan, of the FSB, said the annual tax return was already a major challenge for SMEs and that the policy should be rethought. An HMRC spokesman said: “Ninety-nine per cent of businesses already file their corporation tax online and 98% of VAT returns are filed online. The new digital accounts simply integrate the different information businesses provide to HMRC into a simple, streamlined system.”
Source: Daily Mail (12/12/2015)
