The government is extending VAT relief for small businesses to cover bad debts.
In a move that had long been advocated by tax advisers to the small business community, Gordon Brown said the “costly and time-consuming” VAT charge on bad debts would be abolished.
Small to medium sized enterprises will now be able to recover VAT on bad debts after six months, said the Chancellor.
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Barclays has partnered with accounting software company Xero to provide businesses with access to transaction data through its direct feed.
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
Xero unveiled its expanded global partner programme at Xerocon South, the accounting technology conference in Australasia