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To ask the Chancellor of the Exchequer, following the publication by his Department in November 2021 of research on the ongoing impact of Making Tax Digital for VAT, if his Department will make an assessment of the potential merits of providing (a) financial support and (b) support with adapting to...
To ask the Chancellor of the Exchequer, following the publication by his Department in November 2021 of research on the ongoing impact of Making Tax Digital for VAT, if his Department will make an assessment of the potential merits of providing (a) financial support and (b) support with adapting to...
Making Tax Digital (MTD) does not require expensive software or services to run. Lots of businesses already using modern, cloud-based accounting software saw their software upgraded for MTD free of charge. There are free software products suitable for smaller, simpler businesses, while subscription based software starts from around £10 a month.
HMRC wants to ensure that MTD is straightforward, and businesses feel supported throughout. Those businesses needing help can find extensive support to help them digitally engage on the GOV.UK Website here: www.gov.uk/guidance/help-and-support-for-making-tax-digital.
Independent research has confirmed that many businesses have already seen how digitisation benefits their business. The Enterprise research centre concluded that many businesses who use software to manage their accounts have over 10 per cent higher productivity.
From the start, the government has been clear that businesses which genuinely cannot operate MTD will not be required to do so. Details on how to claim exemption are available on the GOV.UK website.
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact on small businesses of introducing a price cap on software for Making Tax Digital for VAT.
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact on small businesses of introducing a price cap on software for Making Tax Digital for VAT.
HMRC has worked closely with software providers so that businesses should be able to choose a product that suits both their budget and their needs. This includes some products which have been deployed specifically to support different types of sectors.
There are free software products suitable for smaller, simpler businesses and subscription-based Making Tax Digital (MTD) compatible software available, but invariably, costs will differ from business to business, and are influenced by factors including size and complexity of business, degree of digital capability and cost and functionality of software solution employed.