SME's confused about MTD

SMEs remain confused about MTD A survey has found that 11% of SMEs are unaware of new rules on keeping digital tax records. More than one million firms with an annual taxable income of in excess of £85,000 are now legally required to submit VAT returns online. But nearly half of those polled who thought they were compliant were found not to be. HMRC has said it will take a “light touch” approach to penalties in the first year of implementation. However, this is only where businesses are doing their best to comply. Chris Evans, VP and country manager at Intuit QuickBooks UK, advises businesses to read up on Making Tax Digital or try QuickBooks’ free MTD Checker tool.