In the March 2015 budget, George Osborne announced that he was abolishing tax returns as we know it and bringing in a new digital tax return.
We now know that small businesses will receive their digital identities by 2017.
However, this could increase the workload of small business since there will be a requirement to report quarterly from 2020.
Whilst we don’t know the detail of these quarterly digital reports, it is likely that this will give small business another accountancy and tax deadline since numbers will need to be updated every 3 months rather than every 12 months.
Of course, small businesses that are VAT registered have to report quarterly but it looks like this requirement will be in addition of the normal VAT return.
Watch this space!
