MTD and what changes it will bring for you

Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years and is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their businesses.

Which may seem like a pain in the neck but it’s not always a bad thing depending on how you tackle it.

If you haven’t started the tackle, then first would be to ask yourself:

  • How will this actually work for you and your clients?
  • The deadline is approaching fast so the best time would be to start now!
  • What do I really need to do?
  • Who can help?

How outsourcing can help?

As your outsourcing partner we will support you through these changes and provide the ongoing services that you need. However, the changes are so fundamental that it will be necessary to review you & your clients’ current record keeping systems and to reconsider what work you decide to do yourself and which activities you wish to include in the service we provide.

What does this mean practically and where do you start?

It will become mandatory for almost all businesses and organisations (self-employed, partnerships; limited companies and others) to use a software to keep accounting records. Paper accounting records will cease to meet the requirements of tax law.

Action plan:

  • To discuss your current status of your VAT clients
  • Evaluate the software you use and compliance
  • Understand what needs to be done and if data conversion is needed
  • Register your business through your software for MTD service activation
  • Work with us on clients MTD actions points
  • Plan the aftermath – How to become efficient after MTD

Are your clients still using Excel to maintain their records? What software do you choose for your clients? Is it too late to comply now?  How do you convert data in the middle of the financial year?

If all these are questions playing on your mind – don’t despair, it’s not too late! We will work together and guide you through the steps you need to take to be MTD compliant before the deadline kicks in.

What do you need to do?

Speak to us and let us ease your MTD concern. Consider us an MTD outsourcing partner!

Schedule a call with an account manager and let us Make your Tax Doable, so you can focus on what you do best!

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Posted in For Accountancy Practices, For Small Practices.