Solicitors affected by the credit crunch cite paying tax as their biggest
problem, according to a Law Society online survey.
Late incoming payments from third parties are to blame, survey respondents
said. Most clients were not paying their bills on time, leading to cash flow
issues within practices and difficulty in filing tax returns.
Most respondents said they would benefit from the tax deferrals between three
and 12 months that HM Revenue and Customs is offering.
The survey also found support for a return to cash accounting for small firms
with turnover under £1 million.
Respondents were drawn primarily from sole practitioners and small
partnerships in civil practices outside London.
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