Will the new business tax accounting system for SMEs be more onerous and expensive?

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Earlier this month Marco Forgione and other people running small and medium-sized businesses wrote to the Financial Times about a ‘flawed’ government consultation on significant changes to business tax reporting:

In just over a year’s time all businesses will be required to file accounts digitally five times a year (every quarter plus an annual final trading statement).

The government’s website on its proposals, Making Tax Digital, is worded positively:

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The writers’ comment:

“For the first time in the UK’s history the government will prescribe the way in which all businesses file their accounts, using government approved software. This will require many micro, small and medium-sized businesses to invest in new accounting systems”.

 

 

 

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