As you’re aware, the final deadline for businesses over the VAT threshold to be using MTD has now passed. This is part of a drive by the government to create a ‘Digital Britain’, and rather than being seen as an inconvenience it should be seen as an opportunity.
So, what does that mean? Well, you’ve moved to digital record keeping, you’re filling your VAT returns online, but are you really taking full advantage of the opportunity this creates?
By complying with HMRC policies around MTD, it’s very likely that you’ve done a lot of work migrating your accounts online. And yet, over 85% of accountants we talk to are still storing their clients’ tax returns on their local hard drive or sending them over email. Yes, their documents are password protected and yes, they regularly update their security software, but their digital policies are not up to date and ultimately, it’s costing them time and leaving them open to cyberattacks.
Do you worry about phising emails or the threat of hackers? Do you sometimes get requests for documents when you’re away from the office? Do you feel like MTD is eating into your time?
Download this checklist to see what you can implement now to save time, improve your workflow and protect yourselves from hackers ahead of the busy tax season.