The Telegraph reports that over a million self-employed people have yet to comply with new tax rules just one week before the deadline and could face fines if they refuse to sign up.
From April 1, the Government’s Making Tax Digital (MTD) rules will force 1.2 million small business owners with a turnover above the £85,000 VAT threshold to keep all records digitally and submit them to HMRC using approved software.
However, only around 70,000 have signed up so far, according to HMRC (6%).
Leaving things to the last minute is of course very human. However, methinks many of these people will miss the deadline.
Tax does have to be taxing.
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