Put the brakes on Making Tax Digital for businesses, urges Committee
17 March 2017
The Finance Bill Sub-Committee has today (17 March 2017) published its report on the Draft Finance Bill 2017: Making Tax Digital for Business. It concludes that the Government should delay the digitisation of tax for businesses.
The Sub-Committee examined in detail clauses in the draft Finance Bill that make tax digital for small businesses and the self employed. These changes will affect 1.6 million companies, 2.4 million self-employed individuals, and 900,000 residential landlords.
The Committee agrees that the digitalisation of tax is to be welcomed. But it concludes that the roll-out of the scheme is being rushed, imposing unnecessary burdens on small businesses, and will yield little benefit to the Government.