There is now less than a month before Making Tax Digital (MTD) compliance starts to be mandatory for VAT returns, it is, to put it mildly, concerning. If you are a VAT-registered business with an annual turnover less than £85,000 you must implement MTD from 1st April 2022.
A study by QuickBooks (other accounting software providers are available) showed that only 29% of UK businesses know what to do to become MTD compliant. The main reasons cited for not doing this are as follows:
- feeling like they don’t have time (32%)
- being uncomfortable with the technology involved (30%)
- not knowing what MTD is (29%)
- needing to talk to an expert first (28%)
- being scared to make errors (26%)
The study also revealed that SME owners need more expert tech support, such as from a professional accountant. M&S Accountancy and Taxation works with clients who used all the major software platforms (Xero,FreeAgent, QuickBooks, etc.) and we can most definitely help you if you fall into any of the categories above (this is especially important if you are one of the 29% who don’t know what MTD actually is).