Although HMRC has given the market a period of grace to bring systems up to speed for phase 2 of Making Tax Digital (MTD) – the deadline is now April 2021 – businesses have much work to do. Research from Accountancy Age and Tax Systems indicates that existing systems are struggling to keep up with requirements.
Other key findings
Although MTD was delayed, many businesses are ill-prepared to deal with the complications they face in the wake of the pandemic
Almost two-thirds of the market admitted a lack of confidence in the accuracy of their reporting capabilities
Around a third of finance teams have used MTD to encourage technological advances across their wider businesses.