Nearly 50% of small firms don’t understand digital tax plan

One of HMRC’s flagship tax plans has been lost on nearly half of the UK’s smallest businesses, according to a survey published by cloud accountancy software provider FreeAgent.
HMRC announced its ‘Making Tax Digital’ plan in the March 2015 budget and it is due to come into effect in April 2018, but this latest poll shows that some 43 per cent of sole traders, freelancers and other micro business owners didn’t even know that it existed.
A significant majority of the remaining 57 per cent said that they wanted more details on the proposals from HMRC.