The business of buying and letting property can be compared to playing three-dimensional chess. Decisions made at one stage will affect the tax payable and the deductions allowable for tax at later points in the property business lifecycle.
Should you choose your niche now or later? The ultimate advice for a new accountancy firm
Many accountants know why it’s important to specialise but there seems to be a lot of uncertainty as to when. This article aims to help you decide on when it is best to find your accounting firm niche. “Should you have a niche as soon as you set up your new firm or should that niche find you over time?”
Making Tax Digital (MTD) means more admin for accountants and clients, alike. A significant challenge we discuss in our regular meetings with HMRC relates to helping small businesses cope with the increased workload.
As we’ve mentioned before, HMRC isn’t creating its own software for Making Tax Digital (MTD). Instead, they’re working closely with external solutions like Capium, which they’ve recognised as an MTD-ready solution to link into their systems. As a result, we’re in constant contact with HMRC, discussing compliance challenges and how software can address them.
This self-assessment season is truly like no other. I know it sounds dramatic, but it’s true – because the usual winter craziness comes just before the April 2019 Making Tax Digital (MTD) roll-out.
There’s no question that the introduction of Making Tax Digital (MTD) is changing the compliance landscape for accountants and their clients. And that means accountants are playing an even more important role in guiding businesses through the changes.
Having the right software in place at the right time is key to Making Tax Digital (MTD) success – for both accountants and clients. After all, more frequent return submission means more information to process and a more significant workload, and the right technology helps keep processes efficient, profitable and secure.
Making Tax Digital (MTD) requires a dramatic shift in how accountants and their clients process financial information – both mindset and operations need to change to make MTD work in an efficient, profitable way. It’s time to shake off the shackles of being chained to legacy systems in a time where digital taxation is innovating to keep pace with other industries revolutionised by tech.
Answers to frequently asked questions accountants often ask us about Making Tax Digital (MTD). This first FAQ is one of the most common, especially given that VAT is going digital starting in April 2019.
From all the industry discussion and HMRC guidance, we know that MTD needs to be a collaboration between accountants and companies. After all, accountants are reliant on regular data from clients, and there needs to be ongoing communication to comply with more frequent submission requirements.