What will be the problems with MTD?
The biggest problem with the MTD for VAT implementation is the short time in which this is expected to happen. There is a big chance that companies supplying solutions will be overwhelmed by the demand for help in the available time.
Powered Now is specifically gearing up for the MTD rush and we specialise in helping smaller trade and mobile businesses get started with an easy-to-use system.
There are a few specific issues that may well arise while implementing software to meet the needs of MTD for VAT:
Lack of familiarity with any new software creates a learning curve
There is a danger of needing to implement and learn the software without adequate support. This is particularly difficult if you have never used business software before
There is almost certain to be some additional cost
You can overcome these issues by:
Making sure you get a full demonstration of any software so that you can see for yourselves how easy or difficult it is
Talk to other people who are using the software to hear their experiences
Only go with a supplier that is noted for their excellent support
If you a trade company, make sure your supplier specialises in the trade industry
After all of this, weigh up the benefits versus the costs