Ahead of the roll-out of Making Tax Digital for VAT in April 2019, HM Revenue and Customs has recently sent businesses within the scope of MTDfV “encouragement letters”.
These letters were sent to 200,000 businesses which are eligible to join the pilot scheme.
HMRC must continue to raise awareness of Making Tax Digital, The Economic Affairs Committee has warned HMRC that small businesses “could pay a heavy price” for Making Tax Digital for VAT (MTDfV). We can support small business making this transaction easier.
In its “Taxing Times” report, The Federation of Small Businesses (FSB) has revealed small businesses spend up to 15 working days a year on average maintaining their tax compliance activities.
“Done correctly”, the roll-out of Making Tax Digital in April should help to arrest this shocking waste of time and money.
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