PracticeConsultingRevenue slammed over new penalty.

Revenue slammed over new penalty.

Small scale entrepreneurs could be dissuaded from forming start-ups

The Federation of Small Businesses lambasted the Revenue this week saying the introduction of the fine was a Revenue attack on ‘people who make honest mistakes’.

David Hands, for the FSB, said: ‘If people think they will be burdened with inspection they will think twice about a start-up.’

The fine comes as part of the Treasury’s efforts to push new business to register themselves promptly. New businesses will have three months to declare themselves or face the #100 penalty.

Tax experts have also thrown scorn at the measure, saying there will be technical problems.

Francesca Lagerberg of the ICAEW’s Tax Faculty said: ‘It’s not always easy to actually define a start-up.’

The real test will be whether micro businesses or individuals doing one-off jobs will have to register or face the fine.

More on the new measures can be found at www.accountancyage.com/News/1116303.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer