The pensions time-bomb and quarterly tax reporting
- A new report by Clifton Asset Management and The Forum of Private Business predicts a “ticking time bomb of under-provision in pensions” by SMEs. It reveals that SME owners have a lack of awareness of the pension options and strategies open to them and “an optimism which borders on wishful thinking when it comes to longterm outcomes”. The report includes advice and recommendations on steps to take.
- The Treasury Select Committee has called for a review into the estimated costs of mandatory quarterly tax reporting to small firms. The announcement in March was met with approval by the Federation of Small Businesses (FSB), which commissioned an independent estimate of quarterly reporting and concluded that the average cost will be £2,770 per business.