Nearly 1.1 million businesses have yet to register for MTD, according to the results of a Freedom of Information (FOI) request sent to HMRC by cash flow service Float.
Additionally, the data suggests that only 2% of accounting firms have registered any clients for MTD, from an estimated 72,000 tax ‘agents’ nationwide.
Float said that many businesses are “still unaware of MTD or are uncertain of what action needs to be taken to become compliant.” The company added that the MTD registration process is “confusing” and that HMRC have “much more to do to alert businesses to the change in the law”.
If you are VAT registered and would like more information regarding MTD and MTD compliant software then please give us a call on 01242 370298 or email us on office@wfrancisandco.co.uk