Businesses aren’t ready for MTD

News, Planning, VAT,

HMRC’s new ‘Making Tax Digital’ (MTD) regime becomes mandatory in April 2019, yet a new survey has found that many businesses just aren’t ready. Software provider Advanced surveyed more than 1,000 business professionals, and the MTD outlook was bleak.

  • Only 57% said they will be ready for the roll-out
  • 35% said they didn’t know if they would be ready in time
  • 8% they wouldn’t be ready

The survey questions whether enough support and time are being given to help businesses to prepare for the enforced change to become more digital.

Given that HMRC is yet to confirm that it has even written to all businesses affected by MTD, we would have to agree. We’re aware of some who have been keeping careful and accurate manual records for many years, who have received no advice or guidance from any source and are now having to rapidly change their processes to comply by the deadline.

From a standing start, they need to decide what system best suits their business. They then need to implement the new system, with resulting new processes in a very short time scale.

This is of course alongside Brexit worries and the day to day demands of running a business!

If you are affected by MTD and aren’t ready, need some more advice or just want to to chat through the implications, please get in touch. We’re certified MTD ready by Xero, and can help put your mind at rest. If you’re unsure whether your existing software is MTD ready, you can check that here.

 

You can read more from Advanced’s Annual Trends Survey report here; it’s quite broad ranging and an interesting read.

 

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