Four in five small businesses are still unaware they need to be ready for Making Tax Digital (MTD) from April 2022, according to Intuit QuickBooks.
With just one month to go until the extension of MTD for VAT, 82% of small businesses said they didn’t know the scheme was expanding.
QuickBooks’ survey of 1,000 VAT-registered/small businesses also found 29% of UK businesses know how to become MTD compliant, down from 38% in November 2021.
MTD is the Government’s flagship policy to digitalise the UK’s tax system to increase efficiency and reduce the risk of mistakes.
On 1 April 2022, MTD for VAT will expand to include all VAT-registered businesses, regardless of turnover.
Pauline Green, head of product compliance & programs at QuickBooks, said:
“Going digital may seem like a daunting prospect, but it doesn’t need to be – and there is plenty of help and support available for those who are yet to embark on the process, even as deadline day approaches.”
Talk to us to prepare for MTD for VAT.
