Making Tax Digital Causing Half Of All Small Businesses To Lose Money
Nearly half of all small businesses have lost money because of Making Tax Digital, according to a report by Pandle. The survey of 1,000 UK small firms has revealed that 49.23% have lost money by making mistakes on the new digital form of self-assessment – despite believing their suitably informed about the process. A government initiative, Making Tax Digital will see the process of self-assessment become fully digitalized by 2020 – meaning all business owners will submit and manage their tax returns online. Making Tax Digital Explained 63% of respondents feel “prepared” for the change – with just 20% unaware of the concept. However, 48.3% of small enterprise owners believe the process of self-assessment will be become more inconvenient once its digitalized – with 13% concerned they won’t b... »