Government Decision to Postpone Start of ‘Making Tax Digital’ Offers Lifeline to Businesses and Contractors, States Leading Tax Expert
Leading UK taxation expert, David Redfern stated today that the government’s decision to delay the start of their ‘Making Tax Digital (MTD)’ initiative until April 2018 offered businesses a welcome lifeline but urged businesses to get their tax affairs in order before that deadline to prevent incurring financial penalties.
Tax specialist David Redfern, founder of DSR Tax Refunds, a specialist tax claims company based in Nottingham, urged businesses and self-employed contractors alike to take steps to ensure that their tax and expenses were compliant before the new digital scheme was rolled out. Initially only targeting those companies who meet the threshold for VAT in April of next year, the government intends to roll this out to all self-assessment individuals in the future. Redfern added that “while I welcome the government’s decision to postpone this legislation, which had threatened to cause real headaches for small businesses and self-employed contractors alike, I would urge those businesses to get their affairs in order now before it is rolled out to all self-assessment individuals”.
Criticised by many in the business world as an extra burden on already-struggling small businesses and self-employed contractors, the decision to postpone MTD plans – which would have compelled the filing of accounts on a quarterly basis – has been welcomed. But Redfern warned that this shouldn’t lead to a complacent attitude on the part of those affected by the legislation, adding that by keeping their accounts in good order, they could also take advantage of taxation rules to reduce their tax burden. “When businesses and contractors keep their financial affairs in good order, it makes it easier for them to reduce their tax burden by allowing them to claim full tax relief on their business expenses”, adding that DSR Tax Refunds had helped many businesses and contractors to be able to claim maximum tax relief and stated that they had 100% client satisfaction in this area.
Adding that businesses and self-employed contractors who kept their accounts in disarray risked losing potentially thousands of pounds in lost tax relief as a result, Redfern recommended that they use this respite period to get their affairs in order in the immediate future, stating that “not only will it save hours of worry and the possibility of financial penalties in future, but it could also allow you to claim the maximum tax relief right now, making your business venture more profitable”.
About DSR Tax Refunds
DSR Tax Refunds are tax preparation experts, based in Nottingham, UK, who specialise in helping clients win tax refunds on a no-refund, no-fee basis. Their specialist team can help workers and subcontractors with all relevant paperwork to ensure their claim is handled in an accurate and efficient manner. Contact them on 0330 122 9972 or email firstname.lastname@example.org for more information.
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