August 23 2016.

Small businesses still need more information about the Government’s plans for digital tax, according to new research by accounting software provider FreeAgent.

The study shows that 86 per cent of respondents who know what Making Tax Digital is, do not feel at this stage that they had been provided with enough information about the plans, which would see small businesses having to keep digital financial records and provide quarterly updates about their tax to HMRC.

However, FreeAgent also finds that businesses who know about tax digitisation are generally positive about it, with 45 per cent saying the plans would make their life easier while just 20 per cent say they feel digital tax would make things harder for them.

Ed Molyneux, CEO and co-founder of FreeAgent says that Making Tax Digital will be one of the biggest changes made to the UK tax system for generations and will start to impact businesses from as early as 2018.

For the full story at CLICK HERE.