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An Alternative Take on the MTD Delay

29th Sep 2021
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In a timely panel event, we were joined by everybody’s favourite tax lecturer and industry veteran, Rebecca Benneyworth, along with the founder of the award-winning Valued Accountancy, Stephen Paul to discuss client strategy ahead of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) mandation in April 2023. Timely because, on Thursday 23 September, it was announced that the mandation date was to be pushed back once more. This time until April 2024 for individual business owners and property landlords – and until April 2025 for partnerships. The official explanation being that The Government recognises the challenges faced by many UK businesses and their representatives as the country emerges from the pandemic.

The agenda considered the practical aspects of managing your client base through the transition to digital record-keeping and quarterly reporting. However, we could not help but address the elephant in the room of where this latest delay leaves our practices and their clients in terms of preparation. Have we all bought ourselves another 12 months off? Can we leave MTD alone and go back to discussing the merits of compliance versus advisory? Not according to Rebecca Benneyworth.

Watch the video clip below to hear Rebecca’s thoughts on how much additional time we all have to prepare. It’s not quite the 12-month extension that we perhaps all thought. At least not for our entire client base.

MTD Timeline Part 1

MTD Timeline part2

We also discussed why you should segment your client base; what technology is available to assist you, what options are available for clients that are not already keeping records in a digital format and the strategies that Rebecca and Stephen will be implementing in their own practices when MTD for ITSA comes into effect.