Small and start-up businesses are being urged to seek specialist advice, after HM Revenue & Customs (HMRC) confirmed that its Making Tax Digital (MTD) project will go ahead as planned.
The news comes shortly after the Treasury Committee and various tax bodies warned that businesses at the smaller end of the scale were likely to be hit particularly hard by the Government’s upcoming tax reporting overhaul – especially those who do not currently keep digital records.
Under HMRC’s confirmed plans, the majority of small business (those that earn £10,000 a year or more) will be required to submit digital financial information to the Revenue on a quarterly basis once MTD takes effect.
The project is due to be phased in for sole traders and landlords in April 2018, followed shortly by small and medium-sized enterprises (SMEs).
But a recent survey of self-employed individuals carried out in January found that only six per cent were aware of Making Tax Digital – despite the fact that such individuals are among the first to be affected by the project’s imminent implementation.
If you are a start-up or small business owner, the news highlights the importance of seeking specialist advice from tax experts such as Wilson Wright, in order to determine what you will need to do in order to prepare for MTD, and how you can ensure a smooth transition to all-digital record keeping.
Our start-up specialists can assist you with all tax-related matters and ultimately help you to get ahead in the business world. While offering ongoing tax advice, our team can also advise you on managing your spending and day-to-day costs, and help you to implement tax-efficient business structures for the future and find your feet on the path to success.
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