The results of our latest accounting professionals survey are out*. And one thing is clear – more of you want straightforward practical guidance on MTD. So that’s what QuickBooks will be offering as we approach the MTD for VAT deadline in April 2019.
“The majority of accountants (75%) have heard of MTD, but of those, only 30% know what it means for their practice.”
Awareness of MTD
The majority of accountants (75%) have heard of MTD, but of those, only 30% know what it means for their practice. If you'd like to learn more about how the changes will affect your firm, talk to one of our MTD experts at QuickBooks. Request a callback.
Understanding the opportunity
At QuickBooks we see MTD as an exciting time for accountants. As Nick Williams, our Head of Business Development puts it, “cloud technology empowers accountants with real-time insights that can be used to transform their role from bookkeeper to financial advisor”. But do our industry colleagues agree?
“38% of the accountants we surveyed feel the legislation is an opportunity to drive positive change within the industry, but only 20% feel prepared for that change.”
The most valuable opportunities stemming from MTD were cited in the survey as:
Harnessing the changes MTD will bring is a great way to transform your practice. But it may mean rethinking how you position yourself to your clients. Start taking steps towards transforming the way you work. Download our free eBook on value pricing.
Moving clients to the cloud
According to our research, on average 33% of clients already use cloud accounting software. But nearly one quarter of the accountants we surveyed (23%) said that none of their clients use cloud accounting software.
Our MTD marketing kit has resources for you to customise and share with your clients, explaining the benefits of cloud accounting.
“One-third (34%) of accountants said that changing client behaviour was their top concern in the lead up to MTD.”
It’s clear from our results that many accountants see MTD as more than a personal challenge. One-third (34%) of accountants said that changing client behaviour was their top concern in the lead up to MTD. The next biggest worry was how to educate staff on its implications (24%).
If you need an easy introduction to MTD for your staff, show them our 4-minute video The MTD Conversation.
At QuickBooks we’re committed to making your practice’s path to MTD as smooth as possible. For more information about digital tax visit our dedicated MTD webpage. Or talk to one of our MTD experts at QuickBooks. Request a callback.*Intuit commissioned an online survey of 101 UK based accountants in April 2018.