Stop Making Tax Digital because it will be hugley burdensome on small businesses

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Stop Making Tax Digital because it will be hugley burdensome on small businesses

Petition Details

HMRC is pushing ahead with Making Tax Digital: a scheme that will force all business to maintain digital accounts. Currently most small businesses use paper accounting records or spreadsheets. Small businesses lack the skills, time and funding to maintain digital accounts.

Additional Information

Contrary to what HMRC have said, small businesses will not benefit from MTD. Making Tax Digital is a misnomer because businesses have been filing digital tax returns for 20 years. HMRC would gain from MTD because HMRC would receive more detailed trading information for businesses. Whilst HMRC needs to ensure it collects the correct tax, HMRC completely under estimates the cost of compliance on small businesses.

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