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Time to act
Key points
- Some businesses are unsure of whether they are compliant with MTD for VAT.
- Four steps towards becoming compliant with the digitalisation process.
- Benefits include greater efficiency and more productivity.
- Failure to adopt digitalisation may lead to falling behind more agile businesses.
HMRC launched its making tax digital (MTD) for VAT initiative – a highly anticipated revolutionary change to the UK tax system – on 1 April last year. But how are Britain’s small businesses doing when it comes to realising the multitude of benefits of the change?
Since April 2019 VAT-registered businesses with a turnover above £85 000 have been legally obliged to keep digital records and submit returns to HMRC with MTD-compliant software. As the biggest change in tax legislation for a generation achieving compliance with MTD has already brought huge benefits for some businesses but others have not yet fully embraced the move...
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