August webinar Bootcamp: Get MTD-fit for 2022-23by
It’s 20 months and counting down to the arrival of Making Tax Digital for income tax and the message from AccountingWEB is to start preparing now if you haven’t already done so.
HMRC’s Making Tax Digital (MTD) transformation project is moving into its second phase, which will bring 2-3m new businesses and individuals into the online filing regime over the next two years. The sheer scale of the migration dwarfs what has gone before, so every minute counts in preparing businesses and accountancy firm staff for new digital processes for reporting revenue and expenses to HMRC every quarter.
The more you plan and prepare for a challenge like this, the less likely you are to fall short. To ensure accountants use the remaining time well, AccountingWEB has teamed up with AutoEntry, FreeAgent and Sage to run a series of MTD Bootcamp webinars through August.
The training exercises will break into three parts, starting with a recap of the technical essentials at 2pm on Wednesday 4 August, and moving on to client management and technology issues in succeeding weeks. If you need a referesher course at any point in the future, all three bootcamp webinars will be available for viewing on demand for anyone who registers now (follow links below).
Play the long game
The next phase of MTD is going to be a long, attritional “ground game” according to Sage director of product marketing for tax and accounting, Chris Downing. It’s going to involve almost every aspect of how accountants and small businesses work together and imposes a completely new set of operational requirements around how they share the digital records that document the clients’ tax liabilities.
“Accountants are going to have to negotiate who’s going to do the work and who’s going to pay for any extra tasks that need to be done or software that comes into play,” said Downing.
“Most important of all for practitioners is to make sure everyone is equipped and trained to deliver the service efficiently and profitably. That’s the only way practitioners can to ensure they continue to have a sustainable business.”
There are numerous steps involved in tackling each of those requirements. The main points will be covered in the following MTD Bootcamp episodes:
4 Aug – The technicalities of MTD explained, sponsored by AutoEntry
- MTD Roadmap detailing record-keeping and filing requirements for different client groups in 2022-23
- The digital data path: From client records to tax returns
- Digital links explained ahead of April 2022 VAT expansion
- How practice processes will need to change for MTD for Income Tax
11 Aug – MTD: The client management challenge, sponsored by FreeAgent
- Progress report on how practitioners have been preparing for and managing the transition
- The big challenges ahead: Client capability audit; devising appropriate messages and materials for clients ranging from limited companies to private landlords, the self-employed and those working in the gig economy
- Communicating and shepherding client groups through the transition
- Refining processes to handle client data collection and filing
18 Aug – What kind of systems will we need?, sponsored by Sage
- MTD processes and workflows: What needs to change
- Where are we and what have we learned so far?
- Identify and tackle process bottlenecks
- How are the changes affecting different client sectors?
During all three episodes, experienced practitioners will be sharing real-life examples of the lessons they have learned about MTD so far and passing on practical tips on how they are preparing for the work ahead.
The webinars will be recorded live, so there will be plenty of opportunities to put your questions to the panellists and discuss the proceedings with fellow viewers. We look forward to seeing you there and helping you get MTD-fit for 2022-23.
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AccountingWEB’s interim Editor in Chief has been with the site since 1999 and returned to the editorial hot seat in March 2020 to support the team through the pandemic. When not tending to the needs of AccountingWEB members and geeking out on their technology habits, he devotes much of his time to an oddball collection of stringed instruments...