Making Tax Digital

Accounting has evolved, but have you?

The noise around MTD is getting louder, and now is the time to prepare your firm

Cloud accounting has been the first step in a new revolution for accountants. But with Making Tax Digital inevitably coming soon, outsourcing could be the next step for you in delivering a more powerful and more effective service to your clients.

How long do I have to prepare?

Business owners have already started bracing for Making Tax Digital, with many beginning to update HMRC quarterly in 2017 through their accounting software. It’s important that MTD is making firms embrace the cloud, but how long exactly do you have to prepare?

2019

Your clients with a turnover between £10,000 and the VAT threshold will be required to update HMRC quarterly for Income Tax and NICs.

2020

Businesses and self-employed will be able to quarterly update their Corporation Tax obligations.

2020

Making Tax Digital will be fully launched, with a full range of services available through your clients’ digital tax accounts.

How can outsourcing help me prepare for MTD?

Everything comes down to client service, and Making Tax Digital will only accentuate the value of advisory services.

There will always be a market for compliance services, but over time this will become even more of a core service, and over time, technology will eventually replace this. So how does outsourcing help you prepare?

Embracing the cloud

Moving to the cloud is an essential part of providing advisory services. Outsourcing your compliance work gives you the freedom to do this with the technology to support you.

Systemising how you work

With automation and processes at the heart of your firm, the technology will keep your firm together and give your staff the ability and the tools to provide for your clients.