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The Low Incomes Tax Reform Group (LITRG) has welcomed the announcement in the Making Tax Digital consultation documents of an exemption for many small businesses from digital record-keeping and quarterly digital reporting to HMRC, and a year’s deferral of those obligations for others.
The Chartered Institute of Taxation (CIOT) has welcomed HMRC’s decision to exempt many small businesses from new tax reporting obligations, laid out in a series of consultations by the Government today.