Almost half of SMEs 'unaware of Making Tax Digital' - Article Kelso : Rennie Welch

Almost half of SMEs 'unaware of Making Tax Digital'

26 Jun 2018

A recent report has revealed that 41% of small business owners are ‘still unaware’ of Making Tax Digital (MTD).

Under MTD for VAT, from 1 April 2019 VAT-registered businesses with a turnover above the current VAT registration threshold of £85,000 will be required to file their VAT returns online, using MTD compatible software.

However, the QuickBooks report revealed that over three quarters (76%) of business owners found understanding the legislation to be a ‘challenge’, with sourcing new compliance tools (70%), finding the time to get to know the new initiative (66%) and managing additional work (64%) being cited as other major concerns for small businesses.

The report also revealed that accountants were consulted by 42% of small businesses for advice and support on managing their firm’s finances, and of those who used them, 80% said that they rely on their accountants to prepare their tax calculations and paperwork. QuickBooks has suggested that accountants may play a ‘key role’ in helping businesses and individuals to understand the MTD initiative.

As your accountants, we will be keeping up-to-date on the latest developments in relation to Making Tax Digital.

Arrange a free consultation

We would be delighted to have the opportunity to discuss, face to face or online, your requirements and see what benefits Rennie Welch can bring to you and your business.

Click here to arrange an appointment