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31 January 2017

Tax reform timetable is a now a total fantasy

Following the Government’s draft legislation on plans to digitise the tax system, Mike Cherry, National Chairman at the Federation of Small Businesses, said:

“The timetable laid out by Ministers in Autumn Statement 2015 is now a total fantasy. It is unachievable given the latest delays announced today. The programme cannot begin before 2020 without causing considerable disruption to economic growth, investment and employment.

“Today, small businesses were expecting clarity around how to meet their tax obligations from 2018, and they still do not know what they will face. Government now needs to take this time to rethink the proposals.  To make them work, FSB will push for the removal of businesses with turnover of less than £83,000 from the scheme, and for a phased approach that starts initially with the largest firms.  We will also press for implementation in 2020, not next year. As small business owners plan their approach to Brexit, rushing in mandatory quarterly tax reporting is a headache they just don’t need."

Read the full press release here

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