Wanganui

Main Menu

  • Creative Destruction
  • Tax Haven
  • Terminal Value
  • First Theorem Of Welfare Economics
  • Debt

Wanganui

Header Banner

Wanganui

  • Creative Destruction
  • Tax Haven
  • Terminal Value
  • First Theorem Of Welfare Economics
  • Debt
Tax Haven
Home›Tax Haven›Most UK businesses are still not ready to go digital

Most UK businesses are still not ready to go digital

By Judy Grier
August 25, 2021
0
0


Even though the UK’s Making Tax Digital (MTD) initiative has been mandatory for months now, many companies still haven’t taken the plunge and face hefty fines and penalties for non-compliance.

That’s according to a report by automated “Purchase to Pay” provider Yooz, who surveyed 200 UK financial executives and found that four out of five companies are just not prepared.

In most cases, finding compatible software seems to be the problem. While a handful (3%) have not even considered adapting to BAT requirements, 12% have thought about it, but have not yet started.

A fifth (21%) has started but is far from the finish line, while a third (34%) is almost ready.

“The easing period intended to give companies more time to adjust to MTD requirements ended on April 1, 2021, as companies need HMRC-approved software to stay in compliance,” said Magali Michel, director of Yooz.

“Companies that fail to comply with BAT rules could face heavy penalties at a time when many are just keeping their heads above water financially. Making Tax Digital is there to hold businesses accountable if and when something goes wrong, and the transition should be seen as an opportunity to embrace new technology and a better way to work.

Simplify the tax declaration

Making Tax Digital is the UK government’s attempt to simplify, digitize and modernize the tax filing process. Instead of being forced to file a large document every year, businesses will need to keep digital records of their accounts, using only HMRC-approved software, every quarter.

For individuals, they are required to send the information directly to HMRC via a personal account.

One of the biggest challenges for businesses is finding the right software, Yooz says. The government has promised to provide businesses with basic free software, in addition to several low-cost MTD-compatible options already on the market.

In addition, many programs that UK organizations are already using should be MTD compatible.


Related posts:

  1. Financial result – the difference between revenues
  2. 8 financial principles to understand
  3. Alder grants tax reduction to Antillean Manor
  4. Vic introduces the primary tax on electrical automobiles in Aust | Camden Haven Courier

Recent Posts

  • How 2022 differs from 2018
  • Is there an opportunity with the 50% undervaluation of Wallbox NV (NYSE: WBX)?
  • Off-season shifts Wafer prices rise, 1Q22 smelter production value up 8.2% QoQ, according to TrendForce
  • The ultimate challenge
  • The intrinsic value of Midwich Group plc (LON:MIDW) is potentially 69% higher than its share price

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • July 2019
  • June 2019
  • April 2019
  • February 2019
  • January 2019
  • September 2018
  • December 2017
  • October 2017
  • March 2017
  • February 2017
  • December 2016
  • August 2016
  • May 2016
  • April 2016
  • October 2015
  • May 2015
  • April 2015
  • November 2014
  • September 2013
  • August 2010

Categories

  • Creative Destruction
  • Debt
  • First Theorem Of Welfare Economics
  • Tax Haven
  • Terminal Value
  • Terms and Conditions
  • Privacy Policy