Small businesses may need help with digital tax accounts
10th November 2016
Most small businesses will need help moving to digital tax accounts, according to the Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT).
The survey about found that 89% believe the timeframe for implementing Making Tax Digital (MTD) should be extended.
95% said the quarterly reporting process will place more pressure on their clients.
Most businesses will be required to submit digital quarterly reports to HMRC as part of the transition from April 2018.
- 33% said that 75% of their clients will need to move from paper records to digital records
- 53% said that over 75% of those clients will need help with the process
- 68% consider the majority of their clients will need further assistance with MTD obligations.
John Cullinane, tax policy director at CIOT, said:
“There is a significant risk that small businesses will fall into non-compliance, whether deliberately or inadvertently, unless HMRC reconsiders the timetable for mandating MTD.”
We can help you make the transition to digital tax accounts.