HM Revenue and Customs (HMRC) must do more to spread the word about the upcoming roll-out of Making Tax Digital for VAT-qualifying taxpayers, says the Federation of Small Businesses
From 1st April 2019, VAT-registered businesses with a taxable turnover exceeding the current £85,000 per annum VAT registration threshold will have to submit digital VAT returns using software compatible with the Making Tax Digital platform.
“The average UK small business loses 15 working days a year to tax compliance activities,” said Cherry.
“Done right, the roll-out of Making Tax Digital in April should help to arrest this shocking waste of time and money.
“With Making Tax Digital obligations kicking in [soon], we now need to see HMRC doing all it can to raise awareness among, and increase support for, small firms transitioning to the new interfaces in under six months’ time.”
Accounting software firm, IRIS recently discovered that almost four-fifths (78%) of its practice clients still use spreadsheets for their bookkeeping.
Subsequently, the race is most definitely on to ensure that all VAT-registered small business owners have the right level of support to assist them through this period of change.
Your local TaxAssist Accountant can help with Making Tax Digital for VAT
HMRC will not be supplying its own Making Tax Digital software to help you file quarterly VAT returns online.
That’s why we’ve partnered with Intuit QuickBooks to help make managing your accounts as straightforward as possible, wherever you are.
Your nearest TaxAssist Accountant can work with you to prepare for Making Tax Digital for VAT, helping you to fully understand what’s required of you to manage your business records digitally.
To arrange a free initial consultation on Making Tax Digital for VAT with your local TaxAssist Accountant, call us today on 0800 0523 555 or send us an online enquiry and we will respond as soon as possible.