Tax on business warning

SMALL BUSINESS: Most businesses unready for quarterly online reporting
A survey by the Institute of Chartered Accountants in England & Wales (ICAEW) shows that only 25 per cent of companies maintain their accounts using dedicated accounting software, most of them being medium and large businesses. A further 19 per cent keep electronic accounts using general-purpose software such as spreadsheets while 25 per cent still use purely paper-based systems. One in seven businesses prepare their own tax returns rather than using an external advisor. The survey was conducted in response to HM Revenue & Customs’ Making Tax Digital plan to enforce quarterly online reporting on businesses, self-employed people and landlords.