Responding to the announcement that the Government will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning April 2024, Federation of Small Businesses (FSB) National Vice Chair Martin McTague said:
“It’s very encouraging to see HMRC responding to our recommendations regarding the roll-out of MTD. With recovery efforts now underway, the previous schedule wouldn’t have been the right way forward.
“This move will provide millions of sole traders with a measure of breathing space and some encouragement in a climate beset by spiralling energy costs, supply chain disruption and high levels of debt.
“As more firms make the transition to MTD, we look forward to working with HMRC and the Treasury to keep costs manageable.
“If taken forward in consultation with the small business community, and made affordable, the initiative should deliver productivity gains over the long-term.”
As the UK’s largest business support group, FSB is the voice of the UK’s small businesses and the self-employed. Established over 40 years ago to help its members succeed in business, FSB is a non-profit making and non-party political organisation that’s led by its members, for its members. As the UK’s leading business campaigner, FSB is focused on delivering change which supports smaller businesses to grow and succeed.
FSB offers members a wide range of vital business services, including access to finance, business banking, legal advice and support along with a powerful voice in Government. Each year FSB also runs the UK’s Celebrating Small Business Awards. More information is available at www.fsb.org.uk. You can follow us on twitter @fsb_policy and on Instagram @fsb_uk.