All you need to know about MTD as an agent
How does MTD for income tax affect you as an accountant or tax adviser?
MTD could mean more work – it will certainly involve more reporting. You'll want to use software like untied, together with their clients, to make things as smooth as possible.
Everything accountants need to know about Making Tax Digital for Income Tax Self Assessment (MTD ITSA)
Many accountants will have already heard about MTD ITSA, but may be wondering, “What do I need to do for making tax digital?”, or “What will MTD mean for my clients?”
These are some of the questions we hear a lot at untied, so we’re here to give you the full low down in our guide to MTD ITSA for accountants.
What is the best accounting software for MTD?
We know there can be a few different platforms to choose from, so we’ve put together some top tips and a checklist that bookkeepers and accountants can use when selecting the right solution.
untied has been innovating in this space as the first end-to-end software recognised by HMRC for Making Tax Digital for Income Tax and we’re working with accountants on our MTD early adopter programme.
Can untied work with my accountant?
Yes, absolutely! Our adviser portal has been co-designed with accountants, specifically with MTD in mind.
We continuously work with accountants on our MTD early adopter programme.
Contact us if you have questions or need help registering for MTD
How does untied transform the profitability of my practice?
We have been working with accountants, bookkeepers and other advisers over the last 18 months in preparing for MTD ITSA.
We know that for many advisers, the amount of work associated with the smallest clients mean they can easily be loss-making. Just think of all the chasing that you do. untied takes care of this automatically, allowing you to get on with other things.
Using untied, you can increase chargeability, identify opportunities to help clients, and reduce the cost of running your practice. We try to give you back time in your day so you can spend it on whichever side of the work/life balance you want.
"With untied my clients can link their bank accounts and import transactions saving us hours when preparing tax returns" - Stephen Barker, owner of Martin Brook Business Services
Is untied so easy that my clients don’t need me?
Your clients trust you to be their business adviser and to help them get things right. They know that you help them and their business to get their taxes right. You didn’t study for years to rekey data from receipts into Excel.
With untied, you can set up their systems to run smoothly, automate rules, and use the capability of the agent view to spot things that they can do to improve their business and reduce their tax bills.
You’ll also be part of the untied adviser community, sharing ideas and advice to make your practice run better.
How do I stay up to date on Making Tax Digital?
We hope this article has given you a good overview of what to expect from MTD for ITSA. untied will be posting regular updates as we move closer towards full MTD ITSA adoption.
Don’t miss any updates by signing up to receive our MTD newsletter or register for our MTD early adopter program. We hope you will join us on this journey!
As always, untied is here to help you with every step so please don’t hesitate to contact us if you have any questions.