How to be prepared and ready for MTD
With MTD for VAT now live, there’s an awful lot of advice, information and myth busting being shared from all angles of the accountancy fraternity.
If you haven’t been drawn to the these before, now’s the time ask yourself ‘How do I make sure I’m compliant?’
At TaxCalc, we’re totally committed to supporting accountants on their digital journey and helping with preparation for the big changes and challenges that Making Tax Digital will bring.
So, what do I do next?
Preparation, Preparation, Preparation. MTD is a marathon not a sprint, so think short, medium and long term.
We can’t get away from the fact that MTD is here, and the coming months will be a challenge for even the hardy.
To get you started, and on the right path for your MTD journey, we've broken down the requirements into manageable chunks:
- Invest time in understanding HMRC’s plans for MTD and how they will affect your practice
- Read and understand the guidance provided by HMRC
- Review your resource and internal processes
- Review your fees and engagement letters
- Consider what additional services you could offer
- Decide if you need to update your website and communications with content on MTD
- Consider what training your staff will need
- Assess and prioritise your clients
- Identify which of your clients are affected by MTD for VAT
- Identify those clients that:
- use entirely manual records, these will need the most help
- use spreadsheets
- already use software, will you submit on their behalf?
- Decide how you will deal with each set of clients
- Decide how long you’ll need to allocate to each (and if you will charge them)
- Talk to your clients… explain their requirements for MTD
- Do they know what MTD is?
- How will you reassure them?
- What help and support will you provide to clients who aren’t yet keeping their business records digitally?
- Do you know which clients will continue to manage their own affairs and which will require additional support?
- Make sure you’ve created an Agent Services Account (ASA)
- If you have not already done so, you will need to create a new Agent Services Account to use HMRCs new online services.