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MTD for VAT – Now is the time

50% of organisations not ready for MTD for VAT

Making Tax Digital (MTD) is upon us but 50% of eligible businesses have yet to embark upon the compliance process, according to the Tax Professionals Survey 2019. For these businesses, time is now of the essence: it is vital they begin to implement the necessary technology and processes to ensure compliance. However, many are still grappling with fundamental questions around:

  • Supporting digital record keeping
  • Converting spreadsheet-based systems to meet HMRC’s API filing requirements
  • Implementing digital links throughout the VAT reporting process by April 2020
  • Maintaining access to Business Tax Account data housed on the now defunct HMRC VAT portal

Tax Systems is a leading specialist in corporation tax technology & services in the UK & Ireland. As of 24th May 2018, MXC Capital Ltd (LON:MXCP) holds a 4% share.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.