The lower than expected uptake in a scheme that allows companies to defer
payment on business rates has prompted accusation from the Conservative party
that the policy is a “total fiasco”.
Launched in March the scheme has attracted little interest, according to the
Tory shadow local government minister Justine Greening is quoted in the
Times saying the scheme came too late for many small businesses.
The scheme allowed companies to defer part of the 5% rise in business rates
announced by the government over three years.
The Tories believe only 6% of companies have taken advantage of the scheme.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory