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The government should not make it compulsory for small businesses to move to more frequent payment of tax says the Association of Taxation Technicians. This is in response to a consultation on bringing payment under income tax self-assessment and corporation tax for small companies closer to the point where the income or profit arises.
It considers that more timely tax payment should be offered on a voluntary basis only and not be made compulsory. Bringing forward tax payments may have a detrimental effect on business cash flow particularly for those:
- that buy stock especially when there is a gap between purchase and sale of stock;
- that are looking to invest in their business and/or incur significant capital expenditure and/or are expanding rapidly;
- that receive an unexpected large expense for example a bad debt or having to replace or repair essential equipment; and
- that...
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