Preparation of Accountants and Clients for MTD

Apr 20, 2020

Association of Certified Digital Accounting Professionals (ACDAP) courses are especially designed to assist you to prepare for MTD such as setting up a new Agent Services Account, training of staff on MTD. Keeping in view the longer track record in accounting, finance, VAT etc. ACDAP continuously working on new solutions in relation to the compliance of the MTD. ACDAP qualifications are internationally recognised, meeting the needs of employers, government and learners, both now and in the future for the purpose of the digitisation of accounts. ACDAP qualifications equip learners with real work scenarios for all accounting practices including digital accountancy & the MTD. ACDAP’s goal is to provide valuable solutions and training programmes to evolve the accounting profession for MTD’s purposes.

1. Agent Services Account

ACDAP qualifications include training on submission of VAT returns on behalf of your clients for Making Tax Digital, the Agent Services Account is necessary, so the following steps are required:

ACDAP training enables learners to move clients across to new account using old Government Gateway details. It's worth highlighting that you won't be able to see your clients in your new account. You need to state which MTD compatible software you'll be using for VAT return submissions - this step will take place when you're ready to start making client submissions digitally and can be carried out via a link. You need to add your clients individually to submit their VAT returns. You can split this task across different members of your team.

2. Get your Employees Trained for MTD

ACDAP believes that It is highly important that your employees understand how digital tax will work. Having clarity on the fundamentals of Making Tax Digital (MTD) will help when you are supporting your clients with any questions. Set up training sessions with your employees so they have a clear understanding of Making Tax Digital. ACDAP is here to train your staff for transformation into MTD.

3. You should monitor your cash flow

If compliance and tax are areas your firm focuses on, you might find you need to take on more staff to manage an increase in demand from your clients. You might even find you are billing your clients more often when dealing with tax work. However, it is worth monitoring your cash flow –take the balance right so your practice doesn't get caught short.

4. New Service Offerings

Your firm can see an escalation in demand for tax services as businesses seek to stay on the right side of Making Tax Digital. Look at offering new tax support solutions to provide specialist tax services that include advice on complying with MTD and dealing with quarterly VAT submissions.

Preparation of Clients

ACDAP analyses that many aspects the accountants and bookkeepers will have to take into account to speed up their compliance to Making Tax Digital for VAT. It is based upon dialogues we have with accountants and bookkeepers is that a plan to get ready is serious. ACDAP is here to help you through the four-step planning needs to put in place:

1. Planning

Create Making Tax Digital strategy for your MTD, find an MTD supporter for your exercise and examine your software options compatible to MTD/HMRC.

2. Segregation of clients

ACDAP considers that segregation of Clients for VAT, what is anticipated turnover and year-end, how are they presently doing with their bookkeeping records, how easy or difficult do you anticipate it will be to get them ready for Making Tax Digital? Put the time in to formation of these aspects as this will give you a good idea of the steps you need to take for MTD.

3. Conversation with clients

To make them aware to be impacted by Making Tax Digital, disseminate market your services and solution right now.

4. Make your clients ready for MTD

Smoothen your onboarding process, software configuration and training, build in reviews and create service plans for your clients for MTD/HMRC compliance.