Uncertainty about MTD persists, poll reveals
Financial Accountant ran a poll asking its readers if they are ready for MTD, with the results revealing that many are still uncertain.
According to results of the Financial Accountants survey ‘Are you ready for MTD?’, nearly a quarter (24.3 per cent) of the respondents are unsure.
Of the 185 readers that answered the polling question, 41.1 per cent said they are ready, while the remaining 34.6 per cent answered with a ‘no’.
Most VAT registered businesses with a taxable turnover above £85,000 must follow the rules for Making Tax Digital for VAT. It has been said that over one million small businesses fall within this category.
From 1 April, these businesses have to keep digital VAT records, sign up for MTD for VAT and use software compatible with MTD to submit VAT returns.
Latest data from HMRC suggests that 100,000 businesses have already signed up to MTD, with over 4,000 signing up every day.