UKIP Small Business Spokesman Margot Parker MEP has criticised plans to require many small businesses to submit tax returns four times a year as opposed to the single return currently required.
The idea behind this, which will begin in 2018, is to bring small businesses into line with the practices which large companies and corporations have to adhere to, but as with so many initiatives from this Government there has been little thought given to the problems which will be experienced by small businesses in complying with this. Most small businesses are sole-traders and micro-entities without any internal accountancy capability in their companies. This means they have to contract out their financial needs to firms which of course charge for their services – a charge which will be quadrupled at a stroke by these changes.
This will impose an enormous additional administrative cost on small businesses - many of which will be unable to cover them, and may force many small businesses out of business altogether. The Chairman of the Federation of Small Businesses, John Allan, has expressed concern about introducing quarterly filing and has said that he believes the policy needs to be rethought.
Margot Parker MEP said: “Small businesses already work under an immensely expensive administrative burden thanks to our membership of the European Union – it is estimated it costs small businesses up to ten times as much per employee to comply with EU directives than it does for a large company.
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