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Digital tax exemption for small businesses
Her Majesty’s Revenue and Customs (HMRC) has revealed that small businesses and the self-employed will be exempt from new plans to make tax reporting digital.
The publication of six consultation documents showed that 1.3 million small businesses will be able to benefit from ‘Making Tax Digital’ without needing to update HMRC quarterly or keep their records digitally.
Jane Ellison, Financial Secretary to the Treasury, said: “We are committed to a transparent and accessible tax system fit for the digital age, and Making Tax Digital is at the heart of these plans. This new system will make the UK’s tax administration more efficient and straightforward, and will offer businesses greater clarity when it comes to paying their tax bills.
“By replacing the annual tax return with simple, digital updates, businesses will be able to concentrate on putting people and profit, not paperwork, first.”
Mike Cherry, national chairman of the Federation of Small Businesses, said: “The government has listened to FSB representations on behalf of small businesses up and down the UK.
“Removing small firms and the self-employed with modest turnovers altogether from the proposals will now mean that in addition to the 1.6 million small businesses and landlords that were already excluded, as a result of these changes announced, a further 1.3 million small firms and landlords will no longer be in scope.”
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