Making Tax Digital Planning Group Questionnaire

Once MTD is introduced in 2024 all sole traders will be required to make quarterly returns of their income and expenditure, much the same as the quarterly VAT returns. They must ensure that information is digitally transmitted to the return that is filed. (This means you cannot alter anything from it’s digital inception). You must keep all relevant documents relating to your business in digital format. E.g., invoices must be scanned and stored digitally.

This is going to burden the small businessman with further compliance responsibilities and costs. We are working on providing sole trader driving instructors with help in fulfilling these responsibilities through Total Drive.

Thank you for agreeing to answer some questions about MTD in your industry.

How much do you know about MTD?(Required)
Are you confident that you will be able to fulfil the MTD requirements?(Required)
Will you delegate this compliance to professionals, accountants, or bookeepers?
How do you submit your accounts currently(Required)

What is your current approximate annual turnover(Required)

Using the notes below please state how much you would be willing to pay per month for a single instructor for a full accounting and Making Tax Digital compliant service.

A product such as Quickbooks will be MTD compatible and would cost a minimum of approx £19per month, however, utilising QuickBooks as a stand alone option for MTD compliance would mean you would still need a certified accountant to undertake your annual accounts.

MTD will require quarterly submissions to HMRC via electronic software portal. If, in addition to MTD submissions, Total Drive could provide a full accountancy service to you providing annual accounts, self assessments and returns, how much would you be willing to pay on a monthly basis (in addition to your Total Drive Subscription) for a service that offers you your annual accounts, self-assessment, helpline and Making Tax Digital compliance?