Roger shares this latest news on behalf of HMRC. Ed
Some 61 per cent of senior decision makers at businesses in the South support having all tax accounts digitalised, and 94 per cent personally bank online, according to new figures released this week.
The poll, run by YouGov for HM Revenue and Customs (HMRC), also found that 56 per cent do their food shop online and 42 per cent order prescriptions online.
Join the digital tax revolution
Nearly a quarter of people in the region (23 per cent) spend more than ten hours a week on administrative tasks in their role at work and now HMRC is urging them to join the digital tax revolution by ditching paper receipts and signing up for the Making Tax Digital instead.
Most businesses above the VAT threshold will need to keep their records digitally and submit their VAT return using compatible software when MTD is introduced for periods starting on or after 1 April 2019.
Need to start keeping digital records
In practice, the vast majority of businesses won’t need to send their first MTD return until August at the earliest, but if they aren’t already keeping their records digitally they will need to start doing so.
HMRC are encouraging more businesses to get involved early by getting software and starting to test the service now.
Mel Stride, Financial Secretary to the Treasury, said:
“Anything that helps businesses to manage their tax more easily so they can focus on what they do best – innovating, expanding, and creating jobs and profits – is what every modern business needs.
“In a world where customers and suppliers are already banking, paying bills and shopping online, it makes sense for HMRC and businesses to bring tax affairs fully into the 21st century.
“Going digital with business records and taxes is the next step to businesses getting more control over their business and their finances.”
Change how it is recorded, not what
Theresa Middleton, Director of the Making Tax Digital for Business Programme, said:
“There is no change to ‘what’ information is provided through MTD, just ‘how’ it is recorded, generated and provided. We want to help businesses be ready for the changes which kick in for VAT periods which start on or after 1 April.
“We’ll have written to every business required to join this year by the end of February, but even back in December over 80% of them were aware of the changes they need to make and the vast majority of those are already preparing.
“More than 16,500 businesses have already signed up to do their VAT digitally – why don’t you join them?”
See the HMRC Website for more information.
Mel Stride, Financial Secretary to the Treasury, speaks about MTD here:
Image: Brandon Leon under CC BY 2.0
