Educate yourself on MTD
There is nothing worse than not knowing what you’re doing, so you need to make sure that you understand MTD and how it is going to affect your business moving forward.
You need to think about how things are going to affect you in practice, and how they are going to affect your clients too. Internal training on any MTD and new client software that has been brought in may be a good idea here too.
Review systems and resources available to you
You need to ensure that the systems that are being used by the business are compatible for MTD, and you need to make sure you have enough resources to cope with the increase in frequency of reviews and reporting as you will be moving from annual to quarterly.
Educate your clients
You need to check whether your clients are aware of the impending changes and how MTD is going to affect your business, and therefore their business too. Speak to them and explain what you have predicted will happen. Let them know there are going to be stepping stones to cross and obstacles to conquer along the way, and tell them what they are.
An important part of the conversation here may be to arrange the extra meetings to take into consideration the quarterly returns that will now be taking place. It may be worth having the discussion about charges too as inevitably they will increase due to the increased contact time.
Taking the time to prepare for MTD now rather than later, will put any business in to a strong position to deal with it when the time finally comes to make it official. Make sure you do your research and that you comply with all of the rules and regulations and you’ll be off to a winner.
For more information on Making Tax Digital, and for a place where you will have everything you need to know all in one place at the click of a button, head on over to https://www.mtdfvat.co.uk and take a look around. Should you have any questions around the MTD subject, you can use the website to contact support who will be more than happy to assist you further.