TaxAssist Accountants warns SMEs about digital tax

TaxAssist Accountants has revealed that many small businesses in the UK still aren’t prepared for the new ‘Making Tax Digital’ system.

More than 3,800 small UK businesses missed the first ‘Making Tax Digital’ (MTD) deadline, according to bookkeeping and accounting franchise TaxAssist Accountants. Citing figures from HMRC, the franchise revealed that many businesses failed to get to grips with the new system by the deadline of 7th of August.

Although no penalties will be given out to those who failed to use the MTD system (providing they still file their VAT return using the old HMRC portal), TaxAssist is urging those who feel they are struggling to enlist professional help before it’s too late.

Concerns including filing errors, being too time-poor to make the change and the cost of hiring new staff that know how to use the software or retraining existing staff were all voiced among small businesses. Shockingly, a YouGov survey found that just 12 percent of small firms felt ‘very prepared’ for MTD for VAT, showing that many businesses may need a helping hand adjusting to the new way of filing tax returns.

Concluding the article, TaxAssist urged any businesses that are concerned about anything regarding Making Tax Digital to contact one of its franchisees for a free consultation.

“Small businesses needn’t worry about having to train staff or take on new employees to maintain digital VAT records. At TaxAssist Accountants, we offer a comprehensive Making Tax Digital service, utilising MTD-compliant software such as QuickBooks to make managing your accounts straightforward, wherever you are. If you would like us to work with you through the changes to the VAT reporting landscape, avoiding unnecessary late filing and non-compliance penalties in the process, we’re here to help.”

TaxAssist Accountants has branches all across the country that specialise in helping SMEs with their tax concerns.