The research on Making Tax Digital (MTD) aimed to capture the non-tax benefits experienced by businesses due to MTD-compatible software or the introduction of digital record keeping. The findings include:
– 34% of businesses used MTD software for other processes, and 14% introduced new software for digital management.
– Tasks like invoice generation, financial reporting, and bank reconciliation were now done using MTD-compatible or new software.
– 30% felt a change in VAT management, and 25% had a more up-to-date financial view.
– 42% saw improvements in wider operational or financial areas, such as business continuity and managing finances.
– 58% experienced faster VAT returns completion, and 47% reduced effort in dealing with VAT.
– 72% felt confident using digital technologies for tax processes, and 61% felt their relationship with HMRC was more transparent.
– MTD had a positive impact on trust in HMRC for 51% of businesses.
Source gov.uk
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