{"id":217846,"date":"2021-01-20T07:37:00","date_gmt":"2021-01-20T07:37:00","guid":{"rendered":"https:\/\/www.pearlaccountants.com\/?p=217846"},"modified":"2023-05-22T14:48:10","modified_gmt":"2023-05-22T14:48:10","slug":"how-does-making-tax-digital-affect-smes","status":"publish","type":"post","link":"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/","title":{"rendered":"How Does Making Tax Digital Affect SMEs?"},"content":{"rendered":"\n<p>HMRC\u2019s Making Tax Digital rollout for VAT submissions began on 1 April 2019, forcing businesses with a turnover of \u00a385,000+ per annum to submit their VAT returns via approved-only, cloud-compliant software.<\/p>\n\n\n\n<p>Whereas SMEs were previously able to submit their VAT returns by mail or by going directly to HMRC\u2019s VAT portal, this is no longer allowed under the MTD system.<\/p>\n\n\n\n<p>Businesses who are voluntarily VAT-registered but who have a taxable turnover of less than \u00a385,000 are not yet required to follow the MTD regime. They will, however, be required to do so after 1 April 2022.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/#What_is_Making_Tax_Digital\" title=\"What is Making Tax Digital?\">What is Making Tax Digital?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/#When_will_other_tax_returns_fall_under_the_Making_Tax_Digital_umbrella\" title=\"When will other tax returns fall under the Making Tax Digital umbrella?\">When will other tax returns fall under the Making Tax Digital umbrella?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/#What_must_SMEs_do_to_comply_with_MTD\" title=\"What must SMEs do to comply with MTD?\">What must SMEs do to comply with MTD?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/#Is_Making_Tax_Digital_right_for_all_SMEs\" title=\"Is Making Tax Digital right for all SMEs?\">Is Making Tax Digital right for all SMEs?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Making_Tax_Digital\"><\/span>What is Making Tax Digital?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Making Tax Digital is an umbrella term used by HMRC to make tax and VAT submissions entirely digital and, to some degree, semi-automated using approved software.<\/p>\n\n\n\n<p>The intent is to reduce human error which might cause overpaying or underpaying on one\u2019s returns, as well as to clamp down more forcefully on tax evasion.<\/p>\n\n\n\n<p>Currently, the Exchequer <a href=\"https:\/\/www.accountingweb.co.uk\/tax\/hmrc-policy\/will-mtd-reduce-the-tax-gap\">estimates<\/a> that around \u00a38.6 billion is not being collected on taxes, \u00a33.1 billion of which was unpaid despite all due diligence from the taxpayer (i.e. human error).<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_will_other_tax_returns_fall_under_the_Making_Tax_Digital_umbrella\"><\/span>When will other tax returns fall under the Making Tax Digital umbrella?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The UK government <a href=\"https:\/\/www.gov.uk\/government\/publications\/making-tax-digital\/overview-of-making-tax-digital\">intends<\/a> to make Corporation Tax Returns digital by no sooner than 2026.<\/p>\n\n\n\n<p>Sole traders and landlords with income over \u00a310,000 per annum will be required to follow MTD rules on or after 6 April 2023.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_must_SMEs_do_to_comply_with_MTD\"><\/span>What must SMEs do to comply with MTD?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If there is anything which the 2020 COVID-19 pandemic taught us, it is that many firms were not prepared in the slightest for a digital-only approach to doing business.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"450\" height=\"300\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/12\/What-must-SMEs-do-to-comply-with-MTD.png\" alt=\"What must SMEs do to comply with MTD?\" class=\"wp-image-218555\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/12\/What-must-SMEs-do-to-comply-with-MTD.png 450w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/12\/What-must-SMEs-do-to-comply-with-MTD-300x200.png 300w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>In response to repeated nationwide lockdowns, companies scrambled to get some semblance of remote working solutions up and running so that their employees could work from home. These actions included urgently signing up for video-conferencing and team collaboration tools such as Zoom, Slack, Microsoft Teams and even cloud-based CRM software such as Hubspot and Salesforce.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p>Implementing Making Tax Digital in your business would be even more complicated.<\/p>\n\n\n\n<p>Whereas it won\u2019t do much to your bottom line if you invest in, say, the wrong video conferencing tool, signing up for an MTD solution requires a little more forethought.<\/p>\n\n\n\n<p>If you are currently doing your tax on paper (it is surprisingly common, by the way), complying with HMRC\u2019s new Making Tax Digital system will require you to adopt one of the <a href=\"https:\/\/www.gov.uk\/guidance\/find-software-thats-compatible-with-making-tax-digital-for-vat\">approved MTD software solutions<\/a>.<\/p>\n\n\n\n<p>Many of these solutions offer a nominal first-month fee or a full trial-version. But that\u2019s not the problem: The problem is the manual labour required to transfer everything over to the new system. It\u2019s not merely a matter of signing up for a&nbsp; video-conferencing solution and then hoping for the best. You actually have to put in quite some hours of work to get your accounting transferred to the new system.<\/p>\n\n\n\n<p>To be ready for when MTD goes live for <em>all<\/em> tax returns \u2014 corporation taxes and income tax \u2014 you should transfer your accounting to an approved system <em>now<\/em> rather than later.<\/p>\n\n\n\n<p>Some of our favourite systems which are also MTD-compliant, include:<\/p>\n\n\n\n<ul>\n<li><a href=\"https:\/\/www.pearlaccountants.com\/services\/specialist-accounts-software\/quickbooks-accountants\/\">Quickbooks<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.pearlaccountants.com\/services\/specialist-accounts-software\/xero-accounting\/\">Xero<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.pearlaccountants.com\/services\/specialist-accounts-software\/freeagent-accounting\/\">FreeAgent<\/a><\/li>\n<\/ul>\n\n\n\n<p>And, of course, we would be more than happy to assist you in getting set up on each of these systems.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_Making_Tax_Digital_right_for_all_SMEs\"><\/span>Is Making Tax Digital right for all SMEs?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aside from the fact that MTD is currently required by law for VAT submissions and will soon be a requirement for corporate tax and income tax submissions, one cannot help but ask the question, \u201cIs MTD <em>right<\/em> for your business?\u201d<\/p>\n\n\n\n<p>In most cases, companies will find it salutary to start using cloud-based accounting software. They can reduce human error and speed up one\u2019s accounting and bookkeeping tremendously.<\/p>\n\n\n\n<p>The problem lies, really, in the fee for such tools, especially for extremely small businesses who, in these uncertain times, might be operating hand-to-mouth.<\/p>\n\n\n\n<p>The good news is that there are also free tools available which are compliant with MTD such as <a href=\"https:\/\/www.quickfile.co.uk\/making-tax-digital\">Quickfile<\/a>, <a href=\"https:\/\/www.bokio.co.uk\/blog\/making-tax-digital\/\">Blokio<\/a>, <a href=\"https:\/\/www.avalara.com\/vatlive\/en\/vat-news\/avalara-mtd-filer-free-tool-for-hmrcs-mtd.html\">Avalara<\/a> and others. (We have not tested any of these solutions, but they do exist.)<\/p>\n\n\n\n<p>Of course, one should also keep in mind what possible tax savings will occur as a result of using a system that is designed to minimise human error. Also, tools such as FreeAgent tend to be more affordable because they are aimed at freelancers, sole traders and smaller businesses.<\/p>\n\n\n\n<p>The implementation of Making Tax Digital has not come without its <a href=\"https:\/\/www.computerweekly.com\/news\/450422621\/HMRC-delays-digital-tax-for-businesses-until-at-least-2020\">criticisers<\/a>. One estimate puts the total cost for implementing MTD at around \u00a3280 per business while a less conservative estimate puts it at an average of nearly \u00a33,000 per business!<\/p>\n\n\n\n<p>Right or wrong, you do need to be prepared. And you <em>can<\/em> be prepared if you start testing various tools now.<\/p>\n\n\n\n<p>Who knows, someday you might ask yourself how you ever got along without software in the first place.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HMRC\u2019s Making Tax Digital rollout for VAT submissions began on 1 April 2019, forcing businesses with a turnover of \u00a385,000+ per annum to submit their VAT returns via approved-only, cloud-compliant software. Whereas SMEs were previously able to submit their VAT returns by mail or by going directly to HMRC\u2019s VAT portal, this is no longer <a href=\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  How Does Making Tax Digital Affect SMEs?<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":217847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2208,2195,2198,4352],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Does Making Tax Digital Affect SMEs? - Pearl Accountants<\/title>\n<meta name=\"description\" content=\"Making Tax Digital will have a major impact on many small businesses. We explore options on how to implement MTD easily and cost-effectively in your SME.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Does Making Tax Digital Affect SMEs?\" \/>\n<meta property=\"og:description\" content=\"We explore options on how to implement MTD easily and cost-effectively in your SME.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/\" \/>\n<meta property=\"og:site_name\" content=\"Pearl Chartered Accountants &amp; Tax Advisers\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PearlCharteredAccountants\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-20T07:37:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-22T14:48:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/12\/How-Does-Making-Tax-Digital-Affect-SMEs.png\" \/>\n\t<meta property=\"og:image:width\" content=\"490\" \/>\n\t<meta property=\"og:image:height\" content=\"331\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Preen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Does Making Tax Digital Affect SMEs?\" \/>\n<meta name=\"twitter:description\" content=\"We explore options on how to implement MTD easily and cost-effectively in your SME.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/12\/How-Does-Making-Tax-Digital-Affect-SMEs.png\" \/>\n<meta name=\"twitter:creator\" content=\"@PearlAccount\" \/>\n<meta name=\"twitter:site\" content=\"@PearlAccount\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Preen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"TechArticle\",\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/\"},\"author\":{\"name\":\"Ashley Preen\",\"@id\":\"https:\/\/www.pearlaccountants.com\/#\/schema\/person\/e2cc2e2b687648a58441b41d1e5a67a6\"},\"headline\":\"How Does Making Tax Digital Affect SMEs?\",\"datePublished\":\"2021-01-20T07:37:00+00:00\",\"dateModified\":\"2023-05-22T14:48:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/\"},\"wordCount\":804,\"publisher\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/12\/How-Does-Making-Tax-Digital-Affect-SMEs.png\",\"articleSection\":[\"Accounting\",\"Financial Advice\",\"Small Business Advice\",\"Startup Advice\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/\",\"url\":\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/\",\"name\":\"How Does Making Tax Digital Affect SMEs? - Pearl Accountants\",\"isPartOf\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/how-does-making-tax-digital-affect-smes\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/12\/How-Does-Making-Tax-Digital-Affect-SMEs.png\",\"datePublished\":\"2021-01-20T07:37:00+00:00\",\"dateModified\":\"2023-05-22T14:48:10+00:00\",\"description\":\"Making Tax Digital will have a major impact on many small businesses. 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