How to prepare your clients for Making Tax DigitalThe essential checklist for the next phase of tax digitalisation
Big changes are on the way for Making Tax Digital (MTD), HMRC’s flagship programme to digitise the tax system.
The scheme first became mandatory for most VAT-registered firms back in April 2019, and by March 2020, 1.4 million businesses had joined it.
That was in no small part thanks to the efforts of accountants across the UK, who worked hard to communicate the new requirements to their clients in the lead-up to the deadline.
Accountants have put a lot of time into working with businesses to get the right systems in place and get them used to the process of digital accounting.
Now that most businesses are familiar with MTD for VAT, new changes are on the horizon. The rollout is far from over.
The next big stage, MTD for income tax self-assessment (ITSA), is due to take effect from April 2024. Then, a few years after that, we could see the introduction of MTD for corporation tax as early as 2026.
To make sure your clients are prepared when the time comes, you need to plan your communications strategy now.
Download our guide which includes a four-point checklist to help you plan your firm’s MTD strategy in the lead-up to 2024.