London Businesses Swear by Online Food & Going Paperless
Statistically, we’re all in the digital game
According to a fresh YouGov survey commissioned by HMRC, two‑thirds of senior decision makers in London have their £1,000‑plus monthly budget spent on online groceries, and a whopping 69 % are cheering for a fully digital tax system. Turns out, the only thing more sacred than coffee is paperless receipts.
Why Do They Love Digital Tracking?
- Convenience – Who wants to carry around an envelope of receipts? Not anyone.
- Speed – Digital submissions let companies focus on growth instead of paperwork.
- Accuracy – Less chance of a mis‑typed figure or a missing line item.
The New HMRC “Make Tax Digital” Push
HMRC is rolling out Making Tax Digital (MTD) to London’s capital, urging businesses over the VAT threshold to ditch paper and sign up for software that sends VAT returns straight to them. The plan kicks in for periods starting on or after 1 April 2019. Most firms won’t need to file their first MTD return until at least August, but if they’re not already keeping records digitally, it’s time to start now.
Early‑Bird Benefits
- Start practicing the new system before the deadline.
- Give your accountant a chance to test compatibility.
- Take advantage of free tools and trial periods.
What the Big Figures Say
Mel Stride (Financial Secretary to the Treasury) told us: “If you’re aiming to keep your focus on innovation and job‑creation, shifting tax records online is essential.”
“When customers and suppliers are already shopping, banking, and paying bills online, it’s time to bring tax into the 21st century.”
Theresa Middleton (MTD Programme Director) added: “The data you submit will stay the same; only the method changes.”
“We’ve already contacted every company that needs to join. You’re not alone – over 16,500 firms are ahead of the curve.”
Quick Checklist for Your Business
- Ask yourself: Are you above the VAT threshold? If so, you’ll need MTD.
- Talk to your accountant – If you have one, they should already know the compliance steps.
- Check your software – Make sure it’s MTD‑compatible.
- Sign up with new software – GOV.UK lists free options for simple tax affairs and paid solutions for the heavy hitters.
- Start testing – No rush, just begin before the deadline.
Final Thought
Picture this: a business owner trailing behind with a stack of receipts, while the rest of the city enjoys a digital tax process. It’s time to get on board. Embrace the future, reduce the clutter, and let your finances run smoother than your favorite streaming service.
