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Benefits of Making Tax Digital outweigh time investment for accountants

More than half of accountants have experienced stress while getting clients compliant, as many face unwilling or non-digitally savvy clients. However, in the long-term Making Tax Digital is saving accountants time and reducing errors, with three-quarters saying it will benefit or is already benefitting their firm.

A third of small businesses lose sleep over vat returns as new vat legislation deadline approaches

Accounting professionals play a critical role in implementing the new Making Tax Digital rules, which come into play from April 2022 for small businesses with turnover of less than £85,000. Navigating new legislation can be a difficult task, particularly for time-pressed small business owners, and many of these would be lost without the guidance of their trusted accounting professional.

Accounting professionals spend an average of 55 hours in total – or seven working days – helping each SME client get up to speed with MTD. However, despite investing a significant amount of time, three-quarters agree that the benefits outweigh the initial time investment for their clients.

Though it requires this initial time investment, MTD should be seen as a big business opportunity for accountants. Many are already recognising that it will save them time and reduce errors, leaving more space for strategic advisory work. Getting clients ready well in advance of the deadline means they can immediately start to reap the benefits.

Johann Goree, Managing Director at OnPoint Accounting, says: “Some may see Making Tax Digital as just another rule to comply with, but actually there are huge benefits for small businesses and accountancy professionals alike - from having financial data available at your fingertips and the ability to build cash flow forecasts, to reporting and analytics.

“I believe that the new legislation will take great steps in improving small businesses’ financial awareness. For accountancy professionals, this is an opportunity to fully embrace digital tools to give better insights and time savings to your clients and your team.”

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QuickBooks Making Tax Digital for VAT software is available to all QuickBooks Simple Start, Essential, Plus and Advanced subscribers. Use of QuickBooks MTD for VAT software and bridging software must be aligned with HMRC's eligibility requirements and includes additional set up between the small business and HMRC.

QuickBooks MTD software currently supports Standard, Cash and Flat Rate schemes. QuickBooks Bridging Software supports Standard and Cash schemes. Businesses whose home currency is not GBP are currently not supported.

Receive a 50% discount off the current monthly price for QuickBooks Online Simple Start or 50% discount off the current monthly price for QuickBooks Online Essentials or 50% discount off the current monthly price for QuickBooks Online Plus or 50% discount off the current monthly price for QuickBooks Online Advanced for the first 4 months of service, starting from date of enrolment, followed by the then current monthly price. Your account will automatically be charged on a monthly basis until you cancel. You must select the Buy Now option and will not receive a one month trial. Offer valid for new QuickBooks Online customers only. No limit on the number of subscriptions ordered. You can cancel at any time by calling 0808 168 9533. Discount cannot be combined with any other QuickBooks Online offers. Terms, conditions, features, pricing, service and support are subject to change without notice. All prices shown exclude VAT.

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Receive 50% off the current monthly subscription price for QuickBooks Standard or QuickBooks Advanced Payroll for the first 4 months of service, starting from the date of enrollment, followed by the then monthly price. Your account will automatically be charged on a monthly basis for the subscription fee and for all pay runs processed in the previous month, until you cancel. You must select the Buy Now option and will not receive a one month trial. Offer valid for new QuickBooks Online customers only. No limit on the number of subscriptions ordered. You can cancel at any time by calling 0808 168 9533. Discount cannot be combined with any other QuickBooks Online offers. Terms, conditions, features, pricing, service and support are subject to change without notice. All prices shown exclude VAT.

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