Will ‘making tax digital’ have an impact on my practice?

HMRC is requiring sole traders and partnerships to start making quarterly reports from April 2018 which will be due within a month of the period end.  Whilst certain sectors will find this relatively easy to adopt we have a concern that many GPs will struggle.  This is on the basis that currently a significant proportion of GPs are small businesses and they only have one accurate set of accounts each year, which are the year end accounts prepared externally.  The new system will require some practices to raise their game in terms of the quality of their accounting records and this may incur additional internal and or external accounting costs.

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