Webinar - Prepare your practice for MTD for ITSA
Understand the new Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) from HMRC and how it will affect your practice
Xero, in conjunction with CA Magazine and ICAS, recently hosted a webinar conducted by Sam See, Education Specialist at Xero, on 'Prepare Your Practice for MTD for ITSA'.
This webinar was prompted by the results from the annual ‘Accountancy In Practice’ survey published in the November edition of CA Magazine.
What we learned from that survey is that the biggest challenge for accountants is ‘balancing the volume of work throughout the year’, ahead of ‘uncertainty of over the economy.’
Another one of the standout findings was that nearly half of all respondents have yet to adopt any software solutions for MTD. Time is running out, however, because MTD for ITSA comes to effect is less than 18 months.
Also, another recent survey, stated that more than half of UK accountancy firms are 'making tech solutions a priority over the next 12 months', but 88% feel overwhelmed about the options available.
So, this webinar sets out to not only address those issues, but also some of the concerns or apprehensions accountants may have relating to MTD and also features two demos.
After a short introduction, Sam guides viewers through MTD for ITSA, covering the following areas:
- What is MTD for ITSA?
- How might it affect your practice?
- A sneak peak at Xero’s current MTD for ITSA solution, how it works, how you can access it and what’s coming in future.
- A demo of Xero’s current self-assessment solution for those non-MTD affected users, including anyone whose taxable gross income is less than £10,000
As you'll discover, one the key learnings from this webinar is that MTD for ITSA will help to accountancy practices to spread the workload throughout the year rather than being frontloaded in January.
Sam's presentation is then followed by a 15-minute Q&A session.
He addresses questions from the viewers, including issues relating to VAT, self-employment, property and how MTD can change the relationship between accountants and their clients in a positive way.
Get the tools and resources you need to help you on your MTD for ITSA journey.
Learn more about how Xero can help your practice with MTD for ITSA.