28 Jun DELAY Making Tax Digital
The BCC (British Chamber of Commerce) has called to delay the MTD Making Tax Digital until 2021 fiscal year, the recent survey confirmed that 24% of firms are not even aware of the initiative, 65% are aware of the I initiative by name and a little detail about it. This demonstrated a lack of awareness of the initiative and what its purpose is.
The survey also found that 25% of all firms had made no plans to implement the new digital tax plan before the implementation date of April 2019 and only one in ten firms knew little details about the digital tax plan. The research has also confirmed that 51% of businesses have spoken to their accountants, with 6% contacting HMRC for advice.
HMRC needs space to breathe and engage with businesses effectively and that is the reason they should delay the MTD. The breathing space will ensure that the necessary software’s are in place and most importantly the awareness of the initiative to be across the board.
Is your business ready for the new initiative Making Tax Digital?
Contact us @ Baker Morris to help you.
020 8616 4850 – email@example.com