Making Tax Digital (MTD) is a massive shift for the accountancy sector, instigated last year by HMRC. Accountants are already moving to online filing for VAT returns, and by this time next year there will need to be digital links that help HMRC track VAT back to each individual transaction.
For accountants, MTD is both a threat and an opportunity. Here are five ways you can get ahead and make sure it proves positive for your business.
1. Know your stuff
It pays to be a thought leader, so if you're a bit woolly on the finer details of MTD, take time to get educated. There are lots of helpful webinars and guides to help. The more you know, the more you can support clients and new prospects.
2. Check your systems
Are you completely clear on how you will meet the new rules? Do your systems comply or will you need bridging software? How certain are you that your processes are transparent?
3. Share the knowledge
There are thousands of businesses out there that are unaware or unclear about MTD and what it means. Use your website and social channels to raise awareness of the new rules and that companies need to take action. They will see you as an ally and a trusted advisor.
4. Prompt proactively
Use e-newsletters or fliers to remind your clients of the important dates and deadlines - and offer to act on their behalf if they need support.
5. Check compliance
Work with each client to understand how they file VAT returns, if they do this internally. Does their system comply with MTD? If not, offer to take this service on, or advise them on the changes they need to make.
accSYS manages content for more than a thousand accountancy websites. We have ready-made MTD content to automatically populate your website, with e-newsletters and other web services from just £99 per month. Find out more.