A survey for Association of Accounting Technicians (AAT) and the Association of Chartered Certified Accountants (ACCA) amongst MPs shows they are generally in favour of Making Tax Digital for small businesses. On 1 April 2019, three days after the UK is set to leave the EU, MTD for VAT will come into force for all those business with an annual taxable turnover above the VAT registration threshold.
There remains general concerns over the timeframe for the implementation of MTD-VAT. More than one in three (35%) MPs disagreed with the statement that VAT-registered businesses are adequately prepared to meet the compulsory requirements that their business will need to meet, when MTD-VAT comes into force.
However, MPs were generally more positive that the scheme would ultimately lead to beneficial outcomes for the nation’s small and medium-sized enterprises (SMEs). Nearly half (43%) of all MPs surveyed believe that MTD would have a positive effect on SMEs, with only 15% disagreeing with this statement.