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MTD compliance updates

Kim Hau asseses the results of a Thomson Reuters survey into how firms are preparing for MTD.

Companies are still unsure how to prepare for Making Tax Digital (MTD) for VAT, according to a recent Thomson Reuters survey of UK tax professionals. MTD is the latest step in HMRC’s aim to move towards a digital relationship with customers and become “the most digitally advanced tax administration in the world”.

Asked about the status of their MTD implementations, 70% of the 146 tax and accounting professionals surveyed said they had developed plans, but not started implementation.

Furthermore, 37% of respondents will now hold fire on changing policies until they hear more from HMRC about the revised October 2019 deadline for “businesses with complex requirements”.

This is an extract from the Business & Management Magazine, Issue 271, February 2019.

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