The divide between large companies and SMEs may widen as HMRC’s Making Tax Digital initiative comes into force, but what can be done to get tax right?
Digital Tax for Small Business Growth
This April sees the launch of the first phase of Making Tax Digital (MTD), a government initiative to get individuals and businesses to submit tax returns online. While media attention has largely painted MTD in a negative light, businesses of all sizes stand to benefit significantly from the increased efficiency brought by the digital accounting. While digitalising your accounting is a simple process that will ultimately bring huge rewards, an alarming number of small business owners still lack an in-depth knowledge of the initiative. The Digital Tax for Small Business Growth report covers how small businesses can prepare for April 2019, and explains how digital accounting, far more than being just a technological upgrade, can become a strategic lever to grow your business
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Making Tax Digital should make for a smoother-run business yet many are not prepared for the change. Here are five common misunderstandings small businesses are making about going digital