From the beginning of April this year the majority of VAT registered businesses will have to submit VAT returns in a format that is compliant with a system known as ‘Making Tax Digital’(MTD). It means the details of all transactions, including all sales invoices, purchase invoices and other expenses must be captured and processed in MTD-compliant software.
The downside is HMRC does not supply software to help businesses keep the information required. Businesses must install it themselves, which is putting pressure on the efficiency and effectiveness of current digital systems, which in turn can make companies vulnerable to cyber threats. Being digitally efficient and effective isn’t an optional extra in today’s business world.
Said James Bull of Portland-based IT Support 365 “In the new MTD world there is an increased risk of cyber threats and system issues. Businesses cannot handle everything on their own. It’s bad enough running a business in this day and age, without having to face further risk of online attacks. Unless businesses take every precaution, they are leaving themselves very vulnerable.”