Will quarterly digital tax reporting put more pressure on your clients?

Most small businesses will need help moving to digital tax accounts, an official report has found

Most small businesses will need help moving to digital tax accounts, according to a survey by the Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT).
Not only that, but the research found that 89% of those surveyed believe the timeframe for implementing Making Tax Digital (MTD) should be extended, with 95% saying the quarterly reporting process will place more pressure on their clients.
Other key findings of the report include:
  • 33% said that 75% of their clients will need to move from paper records to digital records
  • 53% said that over 75% of those clients will need help with the process
  • 68% consider the majority of their clients will need further assistance with MTD obligations.
Regardless of the findings, most businesses will be required to submit digital quarterly reports to HMRC as part of the transition from April 2018.
John Cullinane, tax policy director at CIOT, said: “There is a significant risk that small businesses will fall into non-compliance, whether deliberately or inadvertently, unless HMRC reconsiders the timetable for mandating MTD.”
Condies can help you make the transition to digital. To find out more, or to get in touch, click here or on the banner below.

condies banner

Sponsored by
Condies is a progressive chartered accountancy practice with offices in Dunfermline and Edinburgh. The firm was established in the 1920s and has a growing client base throughout Scotland, ranging from individuals and family businesses to professional partnerships and large commercial companies. Condies offers a range of compliance and value-added services and specialises in a variety of industry sectors.