The New Year has already brought good news for UK small businesses, with the prospect of a rethink on the somewhat controversial plan for SMEs to file tax returns on a quarterly basis.
Back in November, The Chancellor’s Autumn Statement contained plans to make small businesses and the self-employed file online tax returns four times per year from 2018, with the claim that the change would create ‘quick and simple’ tax returns for SMEs.
One small business owner has created a petition on the parliament.uk website to make the government debate a rethink the change. Since its creation on December 16th, the petition has been shared thousands of times . and now has passed 100,000 signatures, meaning that Parliament now may hold a debate on the issue.
Apart from demonstrating the very real power of social media, the petition shows just how strongly many small business owners feel about the new requirements and what impact this has on UK SMEs.
Plenty of small businesses and their trade bodies have expressed that filing tax returns quarterly would pose a big challenge, due to the lack of resources within many SME businesses, both in terms of time and cost.
The Federation of Small Businesses (FSB) said it was "deeply concerned with the move," Anna Monteith at the ICAEW said she was "outraged," while Simon Baylis, Partner at Moore Stephens accountants was concerned enough to describe the plans as "an absolute dog’s dinner."
We understand that SME businesses would much rather spend their time growing their businesses, rather than filing tax returns.