82% of VAT registered businesses are still unaware of MTD deadline

09 Mar 2022

Although there is less than a month until the roll out of the Making Tax Digital (MTD) for VAT extension, 82% of eligible businesses are unaware of the approaching deadline, according to a survey commissioned by QuickBooks.

The survey revealed that there has been a small overall increase in awareness of the MTD deadline since November. However, it also found that less than a third of UK businesses know what they need to do to become MTD compliant. This has fallen from 38% since November, as the reality of getting up to speed approaches.

VAT-registered businesses with an annual turnover below £85,000 will need to be MTD compliant from 1 April 2022.

Pauline Green, Head of Product Compliance and Programs at QuickBooks, said: 'Raising awareness of the deadline is even more important to ensure as many businesses as possible are confident and ready ahead of 1 April.

'For UK SMEs, failure to comply with MTD will lead to penalties on a first completed VAT return, on or after the deadline. Going digital may seem like a daunting prospect, but it doesn't need to be – and there is plenty of help and support available for those who are yet to embark on the process, even as deadline day approaches.'

If you would like help with any of our services contact us to speak to one of the team.

Call us on 01753 888211

Email us info@nhllp.com