Self assessment down – Now for MTD
You will have probably seen the film, Blackhawk Down. It follows Delta Force, a troop of American marines, who in attempting to capture a high value kidnap target in Mogadishu, Somalia, ending up losing some colleagues. As marines leave no man behind, the troop then fights an entire city to recapture their colleagues.
It’s a very violent film and it’s exhausting just to watch it. It’s how practitioners must feel when they’ve completed the self-assessment season. Yes, I’m pleased to say that the number of firms, who publicly tweet their success in completing all returns from organised clients is increasing every year, leading to several firms going off skiing in the last week of January or having a liquid lunch on the final day of January.
For many practitioners there’s a need for a few quiet days, followed by a break in February half term. Technology will help with the process of making firms more efficient and by helping to collect data digitally. We hope that nomisma is part of that process. However, it does not matter, what software or technology you are using, you’ve got to use it correctly. Implementation, and most importantly user training are essential to the success of the package.
February, March and April are normally great planning months for accountancy businesses. This year the accountant, be it the smiling and refreshed version, who sailed through the SA season or punch drunk from struggling with SA, will land on their feet and have a whole new compliance regime, called MTD for VAT to contend with.
There are numerous versions of software, which are MTD, or just about to be MTD approved. Of course, selecting a package, if you have not already done so, means tat you will be able to provide the basic compliance and regulatory regime that clients should expect as a minimum.
In the way that HMRC are looking upon MTD as a catalyst to deliver the best and most modern tax collection regime to the UK, then firms should be looking at MTD as a way to improve their workflows within their business. Analyse the way that the increased reporting regime, will affect your business.
- Data collection
- Client communication are all going to increase
How does this affect you and your business?
If you don’t have a plan, start now. Start with the customer in mind, to paraphrase Stephen Covey, is the best way to think about this. Ensure that your client journey is mapped out.
But more importantly, speak to people who can help you. There is no shortage of guru’s or thought leaders, available to help or you can speak to software companies – companies that have been involved with MTD since the start of the process.
We don’t bite, we won’t charge and just like the American marines, we ensure that we don’t leave anyone behind!