Key facts:
Although it’s easy to be cynical, there are likely to be benefits to businesses using the Making Tax Digital (MTD) platform, alongside of the pain of implementing a new system. These can include:
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When you enter or create all information in a system, you can create quotations and invoices faster and easier. The system automatically performs calculations, ensuring all numbers stay up-to-date. This saves time, keeps everything easy to find, and helps you chase any debt efficiently.
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Using a computer is nearly always less expensive and less error prone than doing things manually
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Paperwork should look more professional
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Communication with customers can be quicker and cheaper – it’s less money and effort to send an email or a text than using a letter, stamp and envelope that’s posted
Fuller explanation:
As time has passed, more and more businesses have become computerised and it’s pretty much impossible to find someone who implemented a computer system for their business and then went back to doing things manually. This is why it is highly likely that Making Tax Digital (MTD), in forcing businesses to computerise, will in the long term provide benefits to many companies. This unfortunately may not be apparent for a while as there is likely to be a mad scramble to implement Making Tax Digital (MTD), making life very difficult for businesses.
