Government leaves small firms in dark about digital tax drive
The switch to regular digital tax returns in 2018 will place an unnecessary burden on companies awaiting further guidance about the mooted change, according to accountancy and business groups, which say it is being hastily imposed without any details about what firms must do to be in compliance. Frank Askew, head of tax of the ICAEW, said: “We as professional bodies want to support the road to digitisation... but the way at the moment it’s being framed, the terms of the consultation mean it’s very difficult for our members to give their support”. Three-quarters of small businesses do not currently maintain their accounts online, according to Mike Cherry, head of the Federation of Small Businesses, who said that the changes could cost small firms an extra £2,770 a year. Source: The Daily Telegraph (26/10/2016)
Harris & Co are developing their own solution to the demands of making tax digital on small businesses and will start to get their clients ready for this huge change ahead of time next year.