We would like to say a big thank you to those who participated in the recent survey we undertook in relation to the roll out of Making Tax Digital (MTD) for VAT, and the future of MTD.
The survey closed on 13 January and we received an impressive 1,091 responses (beating our 2016 survey by just nine replies!).
We have shared the full results, including the freeform comments, with HMRC. We have also issued a press release, and we will be submitting a Budget Representation, drawing on the results of the survey.
Some brief highlights include:
- Nearly 90% of respondents say that MTD for VAT has not reduced errors.
- The costs of MTD compliance have far exceeded government estimates.
- Just 14 per cent of respondents say there has been an increase in productivity in their organisation as a result of MTD for VAT.
- 49% of respondents thought that any next step should be to extend MTD for VAT to voluntarily VAT registered businesses.
- 74% of respondents thought that income tax for non-VAT registered individuals should be the last area which should be brought into MTD.
The results (minus the many pages of freeform comments) are available here.
We will be meeting with HMRC to discuss the results in more detail.