Making Tax Digital is the latest HMRC campaign to modernise tax collection and make life easier for business owners.
The first raft of changes, which affects VAT payers, will come into force on 1 April 2019. But a survey from the British Chambers of Commerce reveals that 24% of firms have never even heard of the measure.
Making Tax Digital for VAT will apply to all VAT-registered businesses that have a taxable income over the VAT threshold of £85,000.