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HMRC accused of failing small firms

Tax

HMRC should postpone the first stage of Making Tax Digital, according to a parliamentary committee accusing the tax office of not listening to the concerns of Britain’s small business owners.

A new report, from the House of Lords Economic Affairs Finance Bill Sub-Committee, into the upcoming switch to online tax submissions claimed that many of the UK’s 1.2m small businesses would not be ready as the rollout of Making Tax Digital looms.

According to the committee, HMRC has “inadequately considered the needs and concerns of smaller businesses”.

The first stage of the government’s digital tax transition is due to begin with VAT returns for all VAT-registered businesses in April 2019. HMRC launched a pilot in October 2018, which the report claimed was too little, too late.

Read the full article HERE.

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