Digital Tax is Coming – Less than 8 months to go – Be Prepared for the Change!
Making Tax Digital (MTD)
is an HMRC initiative to make businesses file quarterly information with them.
How individuals and businesses interact with HMRC is changing.
Challenges you may encounter:
Converting manual records to a digital form
Converting spreadsheets to book-keeping software that is compatible with HMRC
Upgrading software that isn’t compatible
Adapting bespoke/tailored software
Having the time to implement the above
Having a budget to deal with the costs of implementation.
HMRC research shows that 40% of their respondents anticipated difficulties meeting the requirements of MTD. They were concerned about their limited ICT skills, not having enough time, and the ease of integrating MTD into current practices.
So, what’s the good news?