Busting myths around Making Tax Digital

15th March 2019

HMRC have published a factsheet debunking certain “myths” around MTD and how it will work. Find out more below.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/785733/Making-Tax-Digital-Mythbusters-_V03_.pdf

They have also updated their list of MTD compatible software which you can find below.

https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-vat

Businesses not ready for Making Tax Digital VAT deadline

19th February 2019

Nearly two thirds of businesses (64%) say that Making Tax Digital is a good idea but that they need more support with their plans ahead of the deadline of 1 April for mandatory digital VAT reporting, and only 12% are confident of their approach, according to research from KPMG

The firm’s poll of 1,000 businesses asked which statement best described their attitude to Making Tax Digital and the 2019 deadline to comply with the new VAT legislation requiring all businesses registered to pay VAT over the threshold of £85,000 to digitally report transactional quarterly reports.

While nearly two thirds (64%) of respondents thought it was a good idea but wanted more support, one in five (19%) could see no advantages of changing the current VAT reporting system, while 5% said it would be damaging to their business.

Just 12% were supportive and ready for the 1 April deadline, literally days after Brexit day on 29 March.

Please contact us if you would like to know how we can help you with Making Tax DIgital