Accounting Firms

SMEs ‘underprepared’ for major tax changes

Accountancy firm Kilsby Williams has reported a “steep rise” in enquiries about the Making Tax Digital (MTD) process, despite there only being weeks left until the HMRC deadline.

The firm, which provides market leading tax advice, has noticed a surge in visitors to the advice page on their website and dealt with an increasing number of calls and emails.

According Kilsby Willaims, with changes due to come into force from 1 April, businesses “only have a limited amount of time to ensure that they’re tax compliant before the deadline”.

The MTD process is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their tax affairs. These will be fundamental changes in the way that the tax system works.

Rachael Sakkas, Kilsby Williams’s business services manager said: “Whilst some businesses have left it late in making the necessary changes, there is still time.

“The majority of queries we’ve had are about options available to clients currently using Excel or manual cashbooks, businesses preparing VAT returns outside their existing software, due to their complex nature and software upgrades.”

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