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How Much Do You Know About Making Tax Digital?

Boston: Matthew Herd

Are you ready for Making Tax Digital (MTD), which is likely to be introduced from next year? Chartered Accountants Duncan & Toplis want to know how prepared businesses and landlords are for the changes.

The firm is running a survey throughout June and July inviting businesses and those with an interest in tax matters to contribute. Those who take part will be entered into a draw to win an iPad.

Making Tax Digital is a key part of the Government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. The changes will mean a shift to quarterly reporting of information to HMRC instead of annual tax returns.

Matt Herd, Associate Director and Chair of Making Tax Digital at Duncan & Toplis, said: “With such significant changes being introduced over the next few years, we want to know how people feel in terms of how they’ve been informed and what concerns they have.

“Because businesses rely on their accountants for guidance, we want to know which elements they are aware of already. We feel those who are not prepared to report digitally may struggle once the changes come in so it’s best to start thinking about it now.”

The Government announced its vision for modernising the tax system in the 2015 Budget. In 2017 it was announced that 3.1 million small businesses would be given an extra year (until 2019) before they are required to keep digital records and send HMRC quarterly updates.

Matt added: “Every individual and business now has access to their own personalised digital tax account and these are being regularly expanded and improved. We want to know if anyone has encountered problems in this regard and whether they face challenges to meet this new way of approaching tax.

“For example, many will have to look into what impact this will have on their business in terms of the cost of updating software, staffing or provision for bookkeeping and accounting services.”

The survey is live and you can take part by going to www.surveymonkey.co.uk/r/makingtaxdigitalsurvey

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