VATupdate

HMRC Releases Survey for VAT Registration in Making Tax Digital preparedness

Companies reported having registered for Making Tax Digital, a tiny but statistically insignificant rise from 30% in a wave. But, when presented with a definition of Making Tax Digital and asked to specify whether they have linked their record-keeping software with HMRC, this reduced to 26%, indicating confusion among firms regarding the criteria of complete compliance with Making Tax Digital. 

 However, in wave 2, more than a quarter of the firms (28%) who were aware of Making Tax Digital said that the criteria of Making Tax Digital did not extend to their company (before being prompted with a definition of Making Tax Digital). For instance, a quarter of firms’ knowledge of Making Tax Digital did not instantly transfer into a grasp of how it applied to their business.  

Source: GVC

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