Be ready for Making Tax Digital
Date published
August 16, 2018
Company
Sage
It is no longer news that Making Tax Digital is one of the biggest changes to hit the accounting and bookkeeping industry, but that doesn’t make it any less of a challenge to navigate.
£8 billion is lost every year through avoidable errors with the existing tax system, but MTD will tackle this while helping accountants and clients keep an up-to-date view of their accounts.
This makes MTD a positive step for accounting but businesses will need to transform how they are run to accommodate it.
Sage have collected advice for implementing MTD all in one place in this guide, instructing accountants on how to onboard their clients who need to be ready by the April 2019 deadline.
It’s important not to be caught out by certain aspects of MTD among the noise, including the need for commercial software providers, the quarterly update policy, and the opt out rule.
There are also key dates to diarise and certain considerations accountants should have, including the fact that accountants need to become MTD experts, MTD should be seen as an opportunity, and businesses will need to stay on top of developments.
Ultimately, there are five key steps for accountants and bookkeepers to take to give their clients a smooth MTD transition and continue supporting them on their journey. Find out more in Sage’s complete Making Tax Digital Guide for Accountants and Bookkeepers.