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HMRC Launches Making Tax Digital Awareness Campaign

HMRC has launched Making Tax Digital – a new communications campaign to raise awareness among small businesses that will be affected by (MTD).

The campaign started with a tweet from HMRC, linking to a webpage on how VAT businesses can get ready for Making Tax Digital, around 6 months before its anticipated rollout.

This page does not contain any new information, but simplifies existing guidance on what businesses can do to prepare, and clarifies the requirements for record-keeping and software.

An HMRC spokesperson told AccountingWEB they are “starting to ramp up communication activity with businesses”, and are planning to increase social media and public relations around MTD.

This increased communication follows criticism that HMRC has not provided enough guidance about the scheme so far, leading to a lack of awareness among businesses that will be affected by it.

Starting from 1 April 2019, VAT-registered businesses with a taxable turnover above the threshold of £85,000 will be required to keep digital records and use compatible software to send VAT returns to HMRC.

However, research by the Institute of Chartered Accountants in England and Wales found that more than 40% of businesses that will be affected by MTD for VAT are still not aware of it.

For any help or advice with financial planning talk to RPD

 

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