The UK Government’s initiative Making Tax Digital – or MTD – has been enforced for over two years, and yet four out of five businesses in the country still aren’t ready for the scheme, according to a recent report from LondonlovesBusiness.
The online news outlet cited the results of a survey indicating that just 20% of UK finance leaders declared their business to be completely ready for the initiative.
Many other leaders quizzed on the issue, however, were still seeking compatible software. This discovery further underlines the potential relevance of a digital-ready and flexible bookkeeping service in Wellington or Plymouth like that provided by Britebooks.
Businesses showing various states of readiness for MTD
More than 200 UK finance leaders were questioned for the research, which found that some respondents were much better prepared for MTD than others.
While 12% of those polled, for instance, said they had given thought to the initiative but had not yet got started on preparing themselves for it, an additional 3% admitted they hadn’t even considered the scheme yet.
There was better news from the 34% of survey participants who said they were nearly ready in their MTD strategy, and from the 21% that had at least started along the journey, but admitted they still had some way to go.
It was also clear from the poll findings that great numbers of finance leaders still lacked the tools required for MTD, a mere 23% of those questioned stating that they were fully prepared for electronic invoicing.
Take the steps to get your business handling its bookkeeping digitally
You will doubtless already know all about the critical importance of keeping firmly on top of your firm’s tax and accounting responsibilities. This is a task that we can greatly assist you with here at Britebooks, through our complete bookkeeping service in Wellington and Plymouth.
With the relaxation period intended to allow businesses more time to get to grips with the MTD requirements having come to an end on 1 April 2021, it really is imperative to ensure your business is compliant with the rules of this initiative.
Failure to do so could leave your business at risk of being hit with heavy penalties, which is one of the last things you are likely to want amid the considerable financial challenges already posed by the ongoing COVID-19 pandemic.
Get in touch with our team in Devon or Somerset today, and we would be delighted to advise you on the possibilities for working with us. Going forward, you would then be able to benefit from the most futureproof, convenient and efficient bookkeeping process in 2021 and beyond.
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