With the deadline of April 2019 getting ever closer, HMRC have been critised on the lack of education or guidance with regards to the upcoming changes to the tax system, though many professionals in the accounting and bookkeeping field hailing MTD (Making Tax Digital) as a step in the right direction.
Many still worry, however that they is still too large of a knowledge gap surrounding MTD, even for those in the accounting profession itself. A recent survey performed by the ICAEW was released highlighting that over 40% of businesses that will be affected by the new changes are unaware of said changes and therefore could be instore for some serious ramifications.
In an effort to allay some of these concerns and ensure everyone who need be aware of these changes are; HMRC have begun work on a communications campaign to shed light on all the new facets of the MTD programme, starting with a tweet on the 19th of September 2018, linking to a web page “Making Tax Digital: how VAT businesses and other VAT entities can get ready.”
A HMRC spokesperson has said “We are starting to ramp up communication activity with businesses, initially with information to help them prepare for MTD and later how they can sign-up for the service.”, and while this page that has been linked doesn’t contain any new or previously unreleased information about MTD it does contain some simplified guidance about those it may affect and how to keep up to date with the changes that will be coming in to effect.
For more information about the MTD initiative, follow this link: