A new survey of self-employed workers and business owners suggests that only six per cent are aware of the Government\u2019s imminent Making Tax Digital (MTD) project \u2013 which will make quarterly digital reporting mandatory for the majority of businesses.<\/p>\n
This lack of awareness comes despite the fact that the project, which HM Revenue & Customs (HMRC) has said will see the end of the traditional tax return as we know it, will force self-employed individuals to be among the first to adapt to an \u2018all-digital\u2019 tax system from next year.<\/p>\n
Under current proposals, the Revenue will roll out MTD for landlords and the self-employed in April 2018, shortly followed by small and medium-sized enterprises (SMEs) and larger companies.<\/p>\n
Many sole traders, small businesses and self-employed individuals are expected to need to completely change the way that they keep financial records in order to comply with HMRC\u2019s tax systems overhaul.<\/p>\n
Yet a recent study carried out by 1Tap Receipts suggests that as many as 94 per cent of self-employed business owners have never even heard of MTD \u2013 highlighting the need to seek advice sooner rather than later to ensure a smooth transition to the new tax system.<\/p>\n
The same survey found that more than half (55 per cent) of self-employed workers dislike the current self-assessment process \u2013 suggesting that, for some self-employed business owners, the shift to MTD may be welcomed as a positive change.<\/p>\n","protected":false},"excerpt":{"rendered":"
A new survey of self-employed workers and business owners suggests that only six per cent are aware of the Government\u2019s imminent Making Tax Digital (MTD) project \u2013 which will make quarterly digital reporting mandatory for the majority of businesses.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1681"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1681"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1681\/revisions"}],"predecessor-version":[{"id":1682,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1681\/revisions\/1682"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}