Upcoming TaxCalc panel discussion: MTD for ITSA and your client strategy
20th Sep 2021
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There’s so much white noise about Making Tax Digital for Income Tax Self Assessment (MTD for ITSA), it’s no wonder that confusion and trepidation abounds.
From our conversations with accountants large and small about this generational change to our income tax system, we’ve had various responses. Some are in the first stages of really getting to grips with MTD, while others are:
Denying it will happen
Realising that it is happening only 18 months from now and understand the urgent need to make changes
Wondering how it will impact their business and clients
Panicking about the clients who regularly turn up with a shoebox of records in January and who’ll need a lot more help.
When trying to tackle the thorny question of which clients they can profitably serve, many accountants struggle to come up with more workable solutions.
For example, you might decide that those clients who simply won’t (or can’t) organise their records might not be ones that you want to keep. What will you do with them? What if they’ve been a client since you started your firm and loyally stayed with you? Will you just cut them loose?
The majority of the firms we’ve spoken to have warmed to the idea of creating a sensible framework for segmenting their client base and then building a strategy for each group. The challenge comes when you try to determine what metrics you use to create that framework – and then what solutions you might reasonably offer each group.
We canvassed our customers to find out their plans and invited veteran TaxCalc customer, Stephen Paul, as well as renowned journalist and MTD expert, Rebecca Benneyworth to discuss the benefits and pitfalls of different approaches to an effective client MTD strategy.
There are no definitive answers to these questions. Every firm will need to approach its unique situation differently. We do, however, hope that this session will kick start your planning process so that you’re not having to handle difficult questions in the weeks leading up to April 2023.