Making Tax Digital – HMRC Compliant Solution plus Q&A
MTDfB (Making Tax Digital for Business) represents a seismic shift. Digitalisation comes with huge benefits, however, moving to new processes can be painful and unsettling for both client and Accountant. Many firms are concerned about how they prepare themselves and their clients plus the dangers of being potentially removed from the circuit.
A Fully Compliant MTDfB Solution
At MyFIrmsApp we have been reassuring Accountants across the country that the transition to MTDfB can be relatively pain free and that, in fact, it offers an opportunity for the savvy firm.
We are also in the final stages of developing a fully compliant MTDfB solution which will be simple to roll out and use by both client and Accountant. The new MTDfB solution, which is being built with the help of our community of App users and with advice from leading organisations including ICPA, will sit on the client’s Phone or Tablet and will not require any prior accounting knowledge. It is aimed specifically at clients with simple affairs, that are typically non-VAT registered and don’t employ staff and for whom, digital record keeping is a likely to be a completely new experience.
MTDfB presents an exciting opportunity for the profession with the very real potential to enhance the role of the accountant into the necessary real-time tax advisor. By providing clients with a single simple App, the accountant can retain that trusted advisor status that is capable of being eroded by MTDfB.
Your Chance to Ask Your Burning Questions
If you have any questions about the MTDfB Solution, how you can respond to these changes, or have some input you would like to share; please submit them here and we will get back to you directly with a response.