Free e-book: Making Tax Digital: A practice survival guide

Making Tax Digital (MTD) has created business opportunities for accountants since the introduction of MTD for VAT back in April 2019. But now, MTD is on the move once again—and urgent action is required. The following is set to occur over the coming years:

1. April 2022: MTD for VAT is extended to all VAT registered businesses, including those below the VAT threshold.
2. April 2024: MTD for Income Tax and Self Assessment mandates unincorporated (sole traders and partnerships) businesses and landlords with income above £10,000. General partnerships with income over £10,000 will follow from April 2025.
3. April 2026: The earliest possible date for MTD for Corporation Tax after the government announced it wouldn’t be mandated before then. A pilot scheme is likely to launch in April 2024, according to the same timeline announcement.

All of these present challenges to clients, but more so to accountants. There are opportunities, but also a real need for planning and evaluation. Making Tax Digital: A practice survival guide is a free e-book from Sage, filled with advice from our expert voices. Topics covered include:

• Need to know summaries. visual explanations and technical details about all three forms of MTD: VAT, Income Tax Self Assessment (ITSA), and Corporation Tax (as much is known right now).
• Details of the number of clients impacted, and why.
• Timelines showing implementation dates—for your clients and your practice.
• Guidance for what clients need to do to become compliant and what’s then required of them on an ongoing basis.
• What you and your practice must do to prepare ahead of time, including a complete four-step journey towards practice readiness.

Sage is an authority on Making Tax Digital. We’ve held 25 MTD Roadshows (prior to the pandemic) in partnership with HMRC that were attended by more than 2,500 accountants and bookkeepers across the UK. We ran specific events for the accounting community, including 40 MTD bespoke in-person and online events, which reached more than 5,000 accountants and bookkeepers. We continue to provide webinars and a multitude of other accountant resources for MTD. We’ve had more than 10,000 practice success engagements with accountants and bookkeepers to support on significant compliance changes. Nobody knows MTD better than Sage, and Making Tax Digital: A practice survival guide will help you get ready for the coming decade of MTD. Editor’s note: MTD for Income Tax has been postponed until April 2024. This article (first published in August 2021) has been updated to reflect that.