Making Tax Digital (MTD) is meant to be the flagship for HMRC’s digital future.
was meant to be the driving force behind HMRC’s digital future tax reporting into the First unveiled in 2015, it has remained a fixture on business agendas ever since.
A string of delays – triggered by the pandemic followed by the decision to give businesses more breathing room to implement it – seems to have left the MTD roadmap fragmented and uncertain, and given some firms an excuse to delay taking action.
Some businesses are embracing it, but many others are kicking the can down the road and foot dragging
After making several public concessions on rollout dates, HMRC is unlikely to make many more.
The longer businesses delay implementation, the more costly the transition becomes
In any case, the value of digital upgrades is that they will do more than just satisfy MTD requirements – they will also help unlock wider benefits such as real-time reporting, automated bank feeds, improved forecasting and stronger financial oversight.
The value of digital does not start or stop with MTD
Most organisations already have some level of detailed digital understanding or capability, so moving from spreadsheets to cloud-based platforms, automating expense reporting and introducing quarterly tax updates as standard practice may not be such a stretch.
The firms that act now won’t just survive MTD – they will thrive and emerge stronger, smarter and better equipped for the future.Making Tax Digital (MTD)
