PQ magazine is for part qualified accountants.
Read the latest web issue here – if you like what you see sign up today
Concerns remain over Making Tax Digital
17 August 2016
The Association of Taxation Technicians has reiterated its call for a change to the timetable for the implementation of quarterly digital reporting by at least a year to ensure it is robust and fit for purpose.
The ATT’s Yvette Nunn said it welcomed the decision to make all unincorporated businesses and landlords with income or turnover below £10,000 exempt. That said, the figure of £10,000 strikes the ATT as a very small threshold, and it is suggesting that it should at least be aligned with the personal allowance each year, “otherwise it is overcomplicating tax for the very smallest businesses”.
James Colclough, a partner at accountant’s Wilder Coe, labelled the proposed £10,000 threshold an unrealistic ‘token number’. Citing guidelines from the Low Incomes Tax Reform Group (LITRG) he said: “A realistic sum should be aligned to the 3-line small accounts limit, or the limit for cash accounting for small business, which currently sits at £83,000.”
Subscribe to RSS