The previous chancellor, George Osborne, created a stir amongst the ranks of sole traders when he announced a future rwequirement for quarterly tax reports from all businesses. Many believe that this would mean 4 tax returns per year, with cost and time being a major concern. Subsequent debate clarified the issue , some MPs have asked for further detail of the system around which these requirements would be met.
The bigger picture is Government's desire to 'Make Tax Digital', plans for which have been set out in a series of consultation documents, with added information available online and via face to face sessions and webinars.
To better understand plans, visit https://www.gov.uk/government/publications/making-tax-digital and take advantage of the various methods of feedback.
With thanks to https://www.genesis-initiative.org/ for raising the issue at their meeting yesterday.
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