More than three quarters of business owners confused about Making Tax Digital

A worrying new study suggests that more than three quarters (76 per cent) of UK business owners are concerned that getting to grips with Making Tax Digital (MTD) will prove to be a big challenge, while a further 41 per cent are completely unaware of MTD altogether.
The research, which was carried out by cloud software company Intuit QuickBooks, comes just nine months before MTD is due be rolled out as mandatory for VAT-registered businesses turning over £85,000 or more.
MTD, which is essentially HM Revenue & Customs’ (HMRC) big move to digitise the UK’s tax system, has previously been described as “the biggest change to tax since the introduction of PAYE” – therefore it is vitally important that small and medium-sized enterprises (SMEs) understand what MTD is and how they will be affected by it.
From April 2019, VAT-registered firms will be required to be fully MTD-compliant, which means storing and managing their accounts and financial information online using MTD-approved software and reporting to HMRC on a quarterly basis for VAT purposes.
Sometime shortly afterwards, HMRC is expected to roll-out MTD for other taxes and types of businesses – meaning that SMEs of all shapes and sizes will be affected.
Intuit QuickBooks’ research found that 70 per cent of SMEs are worried about ‘finding new tools’ to help them become MTD compliant, while a further 66 per cent are concerned that MTD will create a far greater workload for them.
Grunberg & Co can help businesses of all shapes and sizes with Making Tax Digital. Through our subsidiary, Reanda UK, we also support businesses with international ambitions with a variety of great services. Contact us to find out more. 

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