Get bootcamp fit for MTD ITSAby
Making Tax Digital for income tax self assessment is looming ever closer, but there’s still time to get prepared with our series of practical MTD Bootcamp webinars.
In spite of the loud protests from many accountants, HMRC is pushing on with plans to introduce Making Tax Digital for income tax self assessment (MTD ITSA) for all sole traders and landlords with income over £10,000 from April 2024.
HMRC has expanded the scope of the pilot scheme and recently released some further details on the technicalities of MTD ITSA, although there are still many questions outstanding.
So, to make sure you make the most of the time left, AccountingWEB has teamed up with AutoEntry, FreeAgent and Xero to bring you a series of practical MTD Bootcamp webinars. These will include technical experts and accountants in practice, and focus on key areas of preparation that you should be considering now. They’ll get you “bootcamp fit” to make sure you and your clients are ready for the new ways of working that will be needed.
You can hear from fellow accountants about their plans and ask questions to build your knowledge and confidence to tackle the challenges ahead. If you need a refresher course at any point in the future, all three bootcamp webinars will be available for viewing on demand for anyone who registers now by following the links below.
We’ll start our MTD fitness regime with one of the biggest challenges facing HMRC and practices. With sole trader businesses and landlords being brought into MTD ITSA when their total income from all sources is above £10,000 there will be potentially millions of people needing to keep digital records for the first time.
One of the biggest problem areas for many accountants is likely to be those clients who are most price-sensitive, who want to continue using Excel, or are blissfully unaware that they will be affected by the new rules (for example, accidental landlords). We’ll discuss how practices can manage these clients, looking at cost-effective solutions that will allow these clients to be compliant.
- Technical complexities of multiple income sources
- Landlord solutions that can help clients
- Bridging software options for spreadsheet users
- The pros and cons of spreadsheets for practices
- Affordable software options.
One of the critical areas of MTD ITSA will be the importance of helping clients manage their bookkeeping, keeping records digitally and ensuring there are digital links between the records and HMRC. We’ll look at some of the different options for your different client segments.
We’ll explore how:
- Bringing bookkeeping into your accountancy practice could be a good MTD solution for clients who can’t or won’t cope with the tech
- Partnering with or outsourcing to a bookkeeper could be another way to manage the transition
- To make the most of the potential opportunity to gain new clients as unserved sole traders look for help with MTD ITSA
- If done efficiently, in-house bookkeeping can boost revenue and profits from new clients and expand services (and fees) among existing clients
- Forward-thinking firms moving into online bookkeeping are reaping the benefits of more accurate, timely client data to offer outsourced finance services such as management reporting, forecasting and cashflow management.
We’ll finish our 2022 summer MTD Bootcamp with a technical update. With the April 2024 mandation date fast approaching we’ll take the opportunity to dive into the detail of what HMRC has actually published so far and what is still to be clarified.
- What was in the latest updates and when can we expect more? (MTD guidance note with legislative force and consultation was released 1 July.)
- Mandation dates, penalties/soft landings and MTD project roadmap (or lack of)
- With the recent announcement that the MTD ITSA pilot will be expanded from July, should you put clients forward? We’ll cover the logistics and conditions for participating in the pilot
- Basis period reform and how it interacts with MTD ITSA: what to do if you have clients with accounting periods that don’t match the tax year dates
- A look beyond MTD ITSA – what is likely to be next, and what can we expect to happen for partnerships and Corporation Tax?
So if you’re looking for inspiration and guidance on how to get your practice and clients ready for MTD ITSA, sign up for our free webinars now.
AccountingWEB MTD Bootcamp
Even after a 12-month delay, there’s still plenty of work for practices to prepare their sole trader and landlord clients for MTD ITSA. We’ve teamed up with AutoEntry, FreeAgent and Xero to run a series of MTD Bootcamp webinars through August.
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