The initial phases of the Making Tax Digital for VAT (MTD for VAT) rollout could be fraught with challenges due to a reluctance among smaller businesses to change, market participants have said.
As of today, UK businesses with a taxable, annual turnover below £85,000 are subject to the government’s new electronic filing requirements. Mandatory compliance has been in place for businesses above the threshold since April 1, 2021.
According to HMRC, around a third of VAT-registered businesses with taxable turnover below the threshold have voluntarily signed up to MTD for VAT ahead of the deadline.
Source Accountancy age
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