James Murray, Practice Manager at Visionary Accountants St Albans recently passed a Xero training course preparing him for new Making Tax Digital legislation that will begin on 1st April 2019. By completing the course James has earned Visionary Accountants the ‘MTD ready’ Advisor badge.
Making Tax Digital for business will first focus on MTD for VAT. From next April VAT-registered businesses with a turnover above £85,000 will have to keep digital records and provide VAT returns using compatible software. Other aspects of MTD for example corporation tax and income tax have been placed on hold and will be reviewed in April 2020.
Xero MTD Assessment - learning objectives
- What is MTD?
- How does MTD impact my practice and my clients
- How to understand your client needs by profiling and segmenting them based on their VAT status
- What is Xero doing to support MTD
- How to position MTD to your clients
- How to run a successful MTD client event
James Murray, Practice Manager at Visionary Accountants St Albans said: ‘We use Xero software because it is compatible with MTD and Xero is up to speed with the new MTD legislation and the changes that will be required. It is important that we fully prepare for MTD as it will be a major change to the way we operate. The course took over four hours to complete but the training was necessary to ensure Visionary Accountants remains up to date with MTD changes.’
James Murray, Practice Manager at Visionary Accountants St Albans continued: ‘Making Tax Digital (MTD) represents a major change in the way taxpayers, the self-employed and small businesses report and pay their taxes. Although the introduction of MTD is now being staggered your business will need to be compliant when quarterly self-assessment is eventually introduced. Accounting systems will need to adapt to go digital, which will affect your company. We recommend you review your business so you are prepared for MTD. If you require further information or want to review our accountancy services please contact us on 01727 730550 as we offer a free one hour consultation.’