Making Tax Digital: Reap the benefits beyond filing VAT returns

Over six months since HMRC’s Making Tax Digital for VAT went live, Thomson Reuters’ Steven Smith explains why businesses that, thus far, have been reluctant to embrace the digital transformation of tax, should do so as soon as possible. Thomson Reuters research has found that 51% of respondents report having more simplified or more efficient processes since they started filing under MTD for VAT, while 32% say they now have more accurate VAT returns. The research also highlighted that perhaps one of the most valuable aspects of reporting under MTD for VAT is that already 19% of companies have found they have better visibility of their tax liabilities so early into the new scheme.

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