One in five of the UK’s micro-businesses know nothing at all about the Government’s flagship Making Tax Digital (MTD) initiative.
A survey found that a sizeable proportion of this size of business is unaware of the changes set to be rolled out during the course of the next few years.
This is in spite of the fact that detailed plans were published at the end of last month.
An overwhelming majority of respondents – 84 per cent in total – felt the Government hadn’t provided sufficient information about the changes or the direct impact the new system would have on businesses.
One of the main concerns among professional bodies relates to the timetable that the Government has set out, with many organisations worried that it will be difficult to implement the changes to the schedule that ministers have laid out.
The Association of Chartered Certified Accountants (ACCA) this month suggested it would make sense to defer the roll-out until 2020.
Chas Roy-Chowdhury, ACCA’s head of taxation, said: “Getting tax bills right first time is clearly important. So HMRC’s plans go some way to ensuring this happens.”
“Our concerns about this project have always centred on the pressures of quarterly reporting for filers, and the practicalities and cost of doing so.”
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