Recent study highlights accountants’ key concerns for MTD after April 1
A recent study by award-winning cloud accounting provider, FreeAgent, has unveiled some key concerns shared by accountants in relation to MTD after the 1st April. It has also revealed that over 50% of accountants see bridging software as only a temporary solution to Making Tax Digital.
FreeAgent recently held a webinar covering some last minute tips for accountants on the impending MTD for VAT deadline. During the broadcast, over 300 accountants were asked about whether they saw bridging software as a temporary or long term solution to MTD. Over half the accountants revealed that they think bridging software should only be a temporary solution.What’s more, less than 30% saw it as a feasible long-term solution to MTD and about 20% said they had no intention of using bridging software.
During the webinar, accountants were also asked what they thought would be the biggest MTD challenge after the 1st April. Perhaps unsurprisingly, over 30% of the accountants that responded felt that going forward, client education would be the hardest challenge to overcome.
The general feeling among this group of accountants was that there may be issues in the future around making sure their clients understand:
- The need for accounting software
- How to use the various accounting software packages
- The requirements of HMRC and MTD
In order to help accountants with the challenges around client communication, FreeAgent have launched their MTD Express pack this week - featuring everything you need to get your clients ready for April 1!