Update on Quarterly Tax Returns

The government have now scrapped plans to introduce quarterly tax returns, which has potentially saved people who are self-employed hundreds of pounds a year. Since the making tax digital plans were announced, small business owners have been arguing against the plans.

“Having listened carefully to the concerns raised by the Treasury Select Committee, parliamentarians and stakeholders, the government is announcing policy changes that will be reflected in the legislation to be introduced.”  – Said in an official statement on parliament.uk

Any business with a turnover of less than £85,000 will now be exempt to have to file quarterly tax returns. However they can if they wish to do so.

For bigger businesses however, those earning over the VAT threshold will be required to start using the quarterly system from 2019 (originally planned for 2018)