Key facts:
Even with HMRC’s December 2022 threshold changes, many businesses must join Making Tax Digital (MTD) for ITSA simultaneously. This will likely cause challenges due to the large volume of companies onboarding all at once. Consequently, solution providers may become overwhelmed by the high demand for assistance within a limited timeframe.
Powered Now is specifically gearing up for the Making Tax Digital (MTD) for ITSA rush and we specialise in helping smaller trade and mobile businesses get started with an easy-to-use system.
Fuller explanation:
There are a few specific issues that may well arise while implementing software to meet the needs of MTD for ITSA:
- Lack of familiarity with any new software creates a learning curve
- There is a danger of needing to implement and learn the software without adequate support. This is particularly difficult if you have never used business software before
- There is almost certain to be some additional cost
- You can overcome these issues by:
- Making sure you get a full demonstration of any software so that you can see for yourselves how easy or difficult it is
- Talk to other people who are using the software to hear their experiences
- Only go with a supplier that is noted for their excellent support
- If you a trade company, make sure your supplier specialises in the trade industry
- After all of this, weigh up the benefits versus the costs
