By: David Prosser 30/11/2018 The government is belatedly raising awareness of its new digital tax drive for small businesses.The arrival of an innocuous-looking letter from HM Revenue & Customs (HMRC) this month will have been an unexpected headache for thousands of small businesses. The HMRC missive was a reminder of the launch of the first part of “Making Tax Digital” (MTD) on 1 April 2019: from that date, every business registered for VAT – any firm with an annual turnover of more than £85,000 – will be required to file its VAT returns using specialist accounting software. There are a series of problems with the initiative, prompting calls for its delay, not least from the House of Lords economic affairs committee, which has just published a damning report into the launch. One issue is that most of the promotion has focused on the accounting sector and software providers, rather than small businesses themselves. As many as 40% of businesses affected don’t know anything about it, estimated the House of Lords report. HMRC’s belated round of letter writing is an attempt to rectify this. Cost figure is hotly disputed Another challenge is that despite promises it would do so, the tax… Read full this story
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