HMRC’s prompt decision to delay the next phase of the making tax digital (MTD) rollout in 2020 due to the coronavirus was a welcome move. This means any businesses who were expected to put digital links in place last year must have this done by the deadline of April 2021. Added to this, from April 2022, all VAT-registered businesses will be expected to file their tax returns digitally regardless of their turnover – which was a limitation in the previous phase. For many businesses, this requires a substantial amount of work if the bookkeeping is done manually, on paper records or even not at all, adding to their already full plates as they look to rebuild following the on-going challenges borne from the pandemic last year. Accountants naturally have a critical role to play in supporting businesses through this next phase of MTD. So, it’s important to have a clear understanding of what needs to be done right now and how to make the transition as simple as possible for clients. Steve Cox, Head of Accountancy at IRIS Software Group, shares his thoughts on MTD and its implications with Finance Monthly. MAKING TAX DIGITAL WHAT YOU NEED TO KNOW Steve Cox - IRIS Software Group
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