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On your marks
Key points
- Recent research shows that 81% of businesses mandated for MTD for VAT are aware they will have to keep digital records.
- Most find out about their new obligation from their accountant.
- Many businesses are already using software or apps for record-keeping.
- The MTD pilot has attracted about 16 500 businesses.
With aplomb and gusto on 19 February the financial secretary Mel Stride told the House of Commons that 81% of businesses that will have to keep digital records from 1 April were aware of this (tinyurl.com/minister19feb). Yes very good I hear you say. And if that were 81% of say 1 000 organisations it would not be so bad. But according to Mr Stride 1.2 million businesses and individuals are affected so that is 228 000 entities that apparently have no idea about what will be hitting them in April.
In the same breath...
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