HMRC Digital Tax changes are coming

For those small business owners amongst you, the news that HMRC intends to integrate all businesses and individuals into a digital tax regime by 2020, would have been about as welcome as Michael Gove at Boris Johnson’s birthday party. The announcement has already caused a storm of controversy, with 110,000 small business owners petitioning against the change. They argue that quarterly reporting would cost time and money, whilst providing an excuse for HMRC to gain greater insight into business finances. The fear being that this will inevitably result in more frequent and higher demands for payment.