HMRC has decided to dispel some of the myths it believes surround Making Tax Digital for VAT. Among the myths they are challenging is that businesses don’t know MTD is happening or what to do. They maintain that more than 80% of businesses had already started to make preparations for MTD by December of 2018. Other misconceptions include the idea that businesses will have to provide much more information than they currently do to HMRC and that HMRC has underestimated the admin burden and costs for businesses.
If you are still unclear as to your obligations under MTD, get in touch. We can help.