Pulses will be racing and heart rates galloping for accountants with the double whammy of the busiest part of the year for accountants, known as ‘tax or busy season,’ and the imminent introduction of the latest phase of Making Tax Digital.
January to April is the time of year when accountants are at their busiest under normal circumstances, but in addition, they and their clients are preparing for the implementation of the latest phase of Making Tax Digital (MTD) for VAT, in April.
MTD for VAT will be extended to all VAT-registered businesses, instead of just those earning above the VAT threshold (currently £85,000) from 1 April.
This means MTD-compliant software must be used to submit quarterly digital VAT returns.
The good news is that firms could be eligible for financial help as the date for the big switch rapidly approaches.
The Help to Grow: Digital initiative – which forms part of the Government’s flagship Help to Grow programme – provides discounts of up to £5,000 on approved digital accounting software.
The scheme could help SMEs pay for this software. Under the scheme, businesses can get a discount of up to 50 per cent on eligible software for the first 12 months, up to a maximum of £5,000.
To be eligible your business must:
• Have between 5 and 249 employees
• Be a UK company registered with Companies House or on the Financial Conduct Authority’s Mutuals Register
• Be incorporated and actively trading for over a year before you apply for the discount
• Be purchasing the software for the first time
This is important for accountants who will want more clients on their preferred accounting software.
That software is a favourite for a reason. It helps accountants perform cost-effective work for clients. A win-win for both.
Some of the benefits
• Labour-intensive tasks can be automated
• Time spent correcting mistakes on manual data entry is reduced
• Easier to collaborate and communicate with clients
• Shorten the workday by streamlining reporting
• More time to advise clients and scope out their needs
All of these efficiencies can be lost when clients use a different package, so persuading them to use is in both their interests.
That would allow accountants to link up via cloud applications with their clients and allow them to be guided through the user process.
While the pressure is on for accountants, they in turn can use the expertise of outsourcing to ease their compliance work burden, while they navigate their clients through the latest MTD phase.
GI Outsourcing are experts in the supply and implementation of the latest cloud accounting software and can advise and help implement the technology for accountants and their clients.
They can also take on some of the more mundane tasks that build up over the intense months of ‘tax season,’ like manual data entry and reconciliation which can be a major turnoff for potential recruits.
The award-winning team can supply expert help for all accountancy needs.
Contact our UK-based team of account managers today to find out how we can help your firm.
