 |
answer text |
<p>Making Tax Digital (MTD) is already benefiting UK businesses, simplifying tax administration
through software. <br> <br> Digital record keeping, using accounting software or apps,
will make end of year activity a simpler process than it currently is. However, as
with any change, the transition to digital may be more of a step for some. For MTD
for VAT, operating since April 2019, independent research shows that most businesses
felt the process of transitioning was easy.</p><p> </p><p>For MTD for Income Tax,
quarterly summaries of business income and expenditure automatically produced from
businesses’ digital records will spread the checking and assurance of accounts through
the year, reducing pressure at year-end.</p><p> </p><p>HMRC’s assessment of impacts
on businesses was shown in the Tax Information and Impact Note and supplementary information
published on 23 September 2021, which can be found here: <a href="https://www.gov.uk/government/publications/extension-of-making-tax-digital-for-income-tax-self-assessment-to-businesses-and-landlords/extension-of-making-tax-digital-for-income-tax-self-assessment-to-businesses-and-landlords"
target="_blank">https://www.gov.uk/government/publications/extension-of-making-tax-digital-for-income-tax-self-assessment-to-businesses-and-landlords/extension-of-making-tax-digital-for-income-tax-self-assessment-to-businesses-and-landlords</a></p>
|
|
