QuickBooks launches new Making Tax Digital resources
The next phase of Making Tax Digital (MTD) comes into force in less than six months’ time, yet research from Intuit QuickBooks shows awareness and understanding of the upcoming changes amongst those eligible is low.
Among small businesses and sole traders with a turnover of less than £85,000 but VAT registered (who will be subject to MTD for VAT from April 2022):
- Half (50%) have never even heard of Making Tax Digital
- Only one in five (22%) know what they need to do to become compliant
- 57% don’t know when they need to comply with MTD rules
- Almost three in five (59%) are unsure or don’t feel confident managing the switch to MTD themselves
But for small businesses confused about the upcoming changes, help is at hand. Today, QuickBooks launches its new QuickBooks Guide to Making Tax Digital – a source of useful content and expert guidance designed to help the 1.1 million small businesses who need to comply next year. The Making Tax Digital Guide will be continually updated with valuable resources including Ask the Expert video Q&As, webinars, a ‘jargon buster’ glossary, case studies and how-to-videos, to support small businesses along their MTD journey.
Pauline Green, head of compliance at Intuit QuickBooks says: “We know that legislative changes can feel daunting for small business owners, who already have lots of demands on their time. We’ve produced our Guide to Making Tax Digital to help simplify the process and ensure small business owners have the best possible guidance at their disposal. We’re committed to updating and adding new resources so businesses feel supported at every step of their Making Tax Digital journey.”