6 Ways to Get Your Clients Ready for Making Tax Digital
As the UK government continues the Making Tax Digital roll out, how can you make the transition easier for both you and your clients?
The soft-landing period for Making Tax Digital for VAT has now ended, but that’s only the beginning. From 2022 all VAT-registered businesses will need to keep digital records and submit VAT returns digitally, from 2023 it will cover Income Tax Self Assessment and from 2026 it will stretch to corporation tax. So getting it sorted now will help you immeasurably down the line.
Here are 6 ways you can make the shift to MTD frictionless for your clients:
- Update your clients at the same time – host a webinar session to update everyone at the same time, and record it for those that can’t attend.
- Implement a client portal for easy and secure exchange of documents digitally, use this handy guide if you’re not sure how to set up a client portal.
- Use a central hub to store your documents digitally – it will improve your workflow and save you a lot of time in the long run, far outweighing the time it will take implementing software. Fun fact: Did you know you can start using SmartVault in as little as 15 minutes, and we can help you migrate your documents quickly and easily?
- Draw up a communications plan – decide what you need to tell your clients and when to ensure they are complaint with MTD legislation, and how will you communicate it to them.
- Use the SmartVault public documents feature as a way to share information – a page where all the information on MTD can be gathered and accessed at any time by your clients or staff.
- Start implementing changes now, so your clients get used to it ahead of legislation changes – preparation is key.
Want to know more about how SmartVault can help you with MTD? Book a 15-minute demo with our UK team today.