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.