Many accountants are unsure of the impact MTD will have on their practice

29 May 2018

Issue: 4649 / Categories: News , Admin

Many accountants are unclear what digitalisation means for them.

Three-quarters (75%) of UK accountants are aware of Making Tax Digital (MTD) but nearly one-third of this group are unclear about what it means for their practice according to research from online accounting software provider Intuit QuickBooks.

Underpinning MTD is the shift to digital record-keeping and online tax filing. According to the research on average 33% of accountants’ clients already use cloud accounting software but 23% say that none of their clients use it. Migration to digital accounting is the top concern stemming from MTD.

One-third of accountants cite changing client behaviour such as online software training and digital recordkeeping as their top concern in the lead-up to MTD followed by educating staff on its implications (24%). Despite these challenges 38% see MTD as an opportunity rather than a threat. Faster and more efficient workstreams on the cloud (24%) was cited as...

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