2018-04-06 01:54:02 Accountants and Bookkeepers English Q: How do you know if you’re Making Tax Digital ready? A: Take the QuickBooks quiz. Find out if you’re a novice or a ninja by taking... https://djnx69zjp3mvw.cloudfront.net/wp-content/uploads/2018/04/02053057/Lead-Nurture_quiz_v.5.jpg Are you a Making Tax Digital novice or ninja? Take our quiz to find out

Are you a Making Tax Digital novice or ninja? Take our quiz to find out

7 min read

Q: How do you know if you’re Making Tax Digital ready?

A: Take the QuickBooks quiz.

Find out if you’re a novice or a ninja by taking our fast, fun quiz. Share your results (if you dare) and let the world know if you’re MTD ready.

1. What is Making Tax Digital?

HMRC’s digital transformation of the UK tax system.
A mystery.
A headache.

Correct!

If you’re still puzzled by the ins and outs of MTD, QuickBooks can help.

It seems like a lot of work now, but in the long term MTD could provide a lot of opportunities for your practice. And QuickBooks can support you every step of the way.

2. Who will be affected by MTD first?

Sole traders.
VAT registered businesses.
The retired.

Businesses registered for VAT with a turnover above £85,000 will be the first required to maintain digital records.

Correct!

3. When does MTD start?

April 2019
April 2020
April 2021

Correct! From April 2019* businesses with a turnover over of £85,000+ will need to send the VAT information to HMRC using third party software and keep their records digitally (for VAT purposes only). Dates currently supplied by HMRC subject to change.

You’re too late. Start planning now so you and your clients are prepared. QuickBooks is happy to help.

4. Which of the following steps have you taken to prepare your clients for MTD?

Shared a summary of the changes and how they’ll be affected.
Explained the benefits of moving to the cloud and keeping digital records.
Launched a communications strategy (including social media) to keep them up to date.
None of the above. I don’t want to peak too soon.

Great to hear that you’re facing MTD head on. Your clients will appreciate your proactive approach and as a firm you’ll benefit from preparing your practice in advance.

It’s tempting to bury your head in the sand, but MTD is coming. The sooner you start preparing your clients, the less disruptive it will be and better chance you have to stay on top of it.

MTD novice

You’ve shown an interest in MTD and that’s a good start. But there’s still lots of work you can do.

Share your MTD experience

Contact QuickBooks to arrange a personalised consultation to get your clients into the cloud and ready for MTD.

Request A Call Back

MTD expert in training

You’ve mastered the basics and are getting ready for the challenge ahead. Let QuickBooks support you in your journey to being a digitally ready firm.

Share your MTD experience

Contact us to arrange a personalised consultation.

Request A Call Back

MTD ninja

Watch out MTD – this accountant’s coming for you.

Share your MTD experience

Contact QuickBooks and arrange a personalised consultation.

Request A Call Back
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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