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Digital ready
Key points
- A survey found that accountants are undecided on whether making tax digital (MTD) is an opportunity or a threat.
- Segment clients into groups or cohorts based on their readiness for MTD.
- Ensure that the software clients are using is fully compliant with MTD regulations.
- Get all clients digital ready before 6 April 2025 so they have 12 months to understand MTD ITSA before it is enforced in April 2026.
With the pilot for making tax digital for income tax self assessment (MTD ITSA) underway (tinyurl.com/hmrcmtdpilotsignup) it is clear that MTD is here to stay.
There is no question that our profession is now stepping into a new era of digital tax filing and while there have been some delays that have caused significant frustration for many tax professionals MTD is arguably being implemented for the right reasons. Delays in the rollout of...
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