Making Tax Digital (MTD) was originally planned to be rolled out to businesses earning more than £85,000 on April 1st 2019. However, pressure has been mounting on the government to delay the big switchover.
The reasoning behind the introduction of MTD is to stamp out any errors from both parties involved and to streamline the taxing process. It’s a move that will affect 1.2 million businesses in the UK.
That being said, there are huge fears that it will lead to an increase in errors as 97% of businesses still haven’t signed up, with tens of thousands still unaware that the switchover to digital software is actually happening.
The government have released that only 30,000 businesses are prepared for the switchover, which is a mere 2.5% of the whole figure. Accountants predicted that by this point, 400,000 businesses should have signed up, which is pretty worrying considering how many actually have.
With all the current Brexit worries, it appears the timing of the modernisation of the tax system couldn’t be any more inconvenient. Especially as there’s been plenty of confusion whether MTD was going ahead as planned in April 2019.
In fact, businesses were only notified officially by letter in February, so weren’t given much time to prepare either.
Is there a way to make the big move an easy, painless transition?
Actually, there is.
Businesses have been complaining that the change is too complex and expensive, yet there are solutions out there that are completely affordable for all sizes of businesses. The platforms are there for businesses to log their income and expenses online so that the accuracy and ease of bookkeeping are simplified. Therefore, you can spend more time focusing on other key areas of your business.
It seems, then, what businesses need is a software that is attractively priced and caters for all their specific needs.
Get MTD Prepared with EasyBooks Today
As you can see, MTD hasn’t exactly gone to plan so far with only 2.5% of expected businesses enrolled on new systems. If it’s the thought of change, the worry of the costs or the impact on your business that comes with MTD putting you off, relieve any stresses with EasyBooks.
With a competitive tiered price system, you needn’t worry about paying for features and benefits that you won’t be using. EasyBooks is a professional, yet simple app to use in order to make the MTD switchover seamless and easy.
If you want to find out more how EasyBooks can help with the switch, download our free all-in-one guide on MTD that tells you everything you need to know.