Deadline applies to most VAT registered businesses although you don't currently have to comply if you voluntarily registered & are below the VAT...
Are there any benefits from using MTD?
Key facts: Although it’s easy to be cynical, there are likely to be benefits to businesses using the MTD platform, ...
Although it’s easy to be cynical, there are likely to be benefits to businesses using the MTD platform, alongside of the pain of implementing a new system. These can include:class="
When all information is entered or created by a system, quotations and invoices can be created quicker and more easily. Calculations are done automatically and all numbers should be up-to-date. This should save time, make sure that everything can be easily found and help chase any debt
Using a computer is nearly always less expensive and less error prone than doing things manually
Paperwork should look more professional
Communication with customers can be quicker and cheaper – it’s less money and effort to send an email or a text than using a letter, stamp and envelope that’s posted
As time has passed, more and more businesses have become computerised and it’s pretty much impossible to find someone who implemented a computer system for their business and then went back to doing things manually. This is why it is highly likely that MTD, in forcing businesses to computerise, will in the long term provide benefits to many companies. This unfortunately may not be apparent for a while as there is likely to be a mad scramble to implement MTD, making life very difficult for businesses.