MTD webinar reveals more questions from businesses

At our recent MTD webinar, it was clear that one of the biggest misconceptions was the expectation that taxpayers will need to pay tax four times a year. In reality, it’s the digital records that are submitted quarterly to HMRC, with final tax liabilities still being calculated through the usual year-end process.

Other myths that we successfully “busted” as part of our webinar included:

“I’ll need to stop working on spreadsheets” – no you won’t, many existing processes, like spreadsheets, can still be linked to compatible software.

“I’m waiting for my penalty as I missed the start in April” – HMRC’s focus is on helping people transition into the new system, so don’t worry, but make sure you act now to avoid penalties further down the line.

If you have any further questions about MTD or want to take a look at the webinar you can view here or contact us to see how we can help.