Withdrawing Making Tax Digital (MTD) from the finance act 2017 is yet another ‘gift-from-on-high’ for forward thinking accountants.
But it’s not what you might think…
…jumping for joy, or even sighing with relief, because MTD has been sidelined (for now), is not in your accounting firm’s best interest.
What’s your opinion?
The Government’s decision to withdraw MTD from the finance act raises a couple of questions. What do you think the answers are?
- Is this the end of Making Tax Digital?
- Is this going to postpone the implementation of Making Tax Digital?
- Will everything kick back in as normal after the election?
My opinion is: This ‘withdrawal’ is a temporary measure. The Government’s desire to tighten up reporting for tax reasons and eventually receive quarterly tax payments means MTD is inevitable. So the only question is when MTD will happen for your clients and your firm. So it pays to carry on with your firm’s preparation for quarterly reporting, without delay.
But what if I’m wrong? Then the big opportunity to move your firm and your clients to quarterly reporting becomes an even bigger opportunity with the fee growth that goes with it. Let me explain…
…without MTD most firms will avoid quarterly reporting because it’s a lot of work. But cloud accounting gives you an opportunity to provide quick, easy and high-quality quarterly (or monthly or weekly) reports for your clients. This in turn creates a valuable opportunity for more contact with your clients. Is this not a serious, valuable and lucrative competitive edge?
At Accountex I’m talking about the vital KPIs that fuel your firm’s profit growth and capital value growth. These KPIs are connected to quarterly reporting. The evidence for success around quarterly reporting is substantial. MTD makes quarterly reporting inevitable. Get it wrong and your firm’s fees, profits and capital value will be undermined. So let’s get it right!
Take action and secure a brighter future for your firm…
So why wouldn’t you embrace the change now and get the quarterly reporting advantage on offer to you?
Join me at Accountex for this workshop… join me in the ADVISORY GROWTH STRATEGIES theatre (delivered by Futrli) at 12 noon Wednesday 10th May. The presentation is called:
…Secure your firm’s profits and capital value by measuring the right KPIs – but which ones?
If you haven’t already got your ticket for Accountex click the button below and get in free of charge
Please join me at ACCOUNTEX if you’re ready to beat your competition and get a financial windfall for your firm – 12 noon on Wednesday 10th May.