In this first part of a six part series, in conjunction with Tax Journal magazine, we look at the current mood among businesses towards Making Tax Digital for VAT, the appetite for automation, and the benefits a longer term strategy can bring.
Tax reforms ushered in under Making Tax Digital for VAT (MTDfV) have yet to be embraced by many despite the looming initial deadline of 1 April 2019. An industry survey by Thomson Reuters found that 70 percent had yet to implement MTDfV plans, while 37 percent had decided to avoid changing policies until further information was forthcoming about the October deferral (applying to “businesses with more complex requirements”). This suggests a lack of confidence about the process and software solutions on offer.
Tax Systems is a leading specialist in corporation tax technology & services in the UK & Ireland. Their solutions automate the end-to-end compliance process and reduce operational risks so that expert professionals are able to focus on delivering more value to their business or clients. As of 24th May 2018, MXC Capital Ltd (LON:MXCP) holds a 4% share.