How to survive self assessment season (and minimise MTD stress)
This self-assessment season is truly like no other because the usual winter craziness comes just before the April 2019 Making Tax Digital (MTD) roll-out.
This year there will be no time to relax after the 31st of January, as it we will be entering crunch time for MTD preparation. Here are three steps will help you tackle self-assessments with MTD in mind – so you maximise efficiency, eliminate duplicated effort and minimise ongoing stress.
- Incorporate MTD-related requirements into your SA checklists: This is the time of year clients are most likely to respond to you promptly, so take this opportunity to discuss MTD with them.
- Refine your internal procedures for processing client information: Define who’s responsible for chasing which clients, who’s checking information as it comes in and make lists of what’s required, so you know what’s missing for each client.
- Ask clients to digitise as much as possible: Have an online collaboration space where you can share information and files. Use electronic signature capabilities for clients who have previously relied on the hard copy route and give them access to an online status update. All these elements will be essential for MTD, and getting clients on board now will save time and simplify digital VAT return preparation down the line.
Read the full article to find out more about how to successfully follow these steps or download our free self-assessment season survival guide.