In the March 2015 budget, the government set out its “vision for a transformed tax system”, later publishing a roadmap – Making Tax Digital [pdf] – with David Gauke MP (then financial secretary, now chief secretary to the treasury) penning the foreword. “I’d expect accounts and bookkeeping to move up the priority list for many small businesses come 2020. Business groups attack HMRC plans for quarterly tax returns Read moreMike Cherry, national chairman of the Federation of Small Businesses (FSB), says the organisation recognises the benefits the changes will have for some small businesses. The committee heard evidence from a number of tax experts, which supported the FSB’s estimation of the cost of the programme for small businesses. At the time of the hearing, Tyrie said: “Nothing like enough has been done, so far, to ensure that this [MTD] proposal does not harm many of Britain’s small businesses.

Source: The Guardian November 10, 2016 12:00 UTC