FSB is asking members to write to the Treasury to outline the impact mandatory quarterly digital tax reporting will have on them.
The organisation is concerned that many small business owners will struggle to cope with the additional requirements, and that costs will rise as a result. Research by FSB suggests businesses already pay £3,600 a year to ensure they are compliant with tax requirements.
“While some businesses will prefer a digital tax model, others will struggle,” said Mike Cherry, FSB National Chairman. “HM Treasury and HMRC are working on the details of the proposals, but I believe that they have not yet fully assessed the potential impact this might have on our businesses or the economy, and in particular on those who lack the capability to complete their taxes in this way.”
Letters should be addressed to: Financial Secretary to the Treasury, 1 Horse Guards Road, London, SW1A 2HQ, and copies sent to both local MPs and FSB, at [email protected].