19 Feb 2024
The Association of Accounting Technicians (AAT) has outlined its wishlist for the upcoming Spring Budget on 6 March.
The AAT has called on Chancellor Jeremy Hunt to create a 'simpler, fairer and more effective' tax system that 'benefits everyone in the country'. It has called for the creation of a new body, separate from government, dedicated to the design, administration and delivery of tax policy.
It said that simplifying and streamlining tax obligations for small and medium-sized enterprises (SMEs) can help alleviate costs and 'reduce the time spent on tax issues, allowing them to focus on growing their business'.
Additionally, the AAT said that late payments are 'an increasing threat to SMEs', and called for the government to take further action to ensure large businesses are held accountable for paying their suppliers on time.
The AAT also called for 'continual delays' in the implementation of Making Tax Digital (MTD) to be addressed immediately. It said the pilot schemes for the next phase of MTD must start as soon as possible.
The AAT's full Budget submission can be found here.