So many practices have struggled a lot during VAT MTD transition. Now, the MTD flight for Income tax is preparing for take-off & will start its first journey from 6 April 24.
This is the right time for an accounting practice to adopt a proactive approach to grab an opportunity to embrace the technology and shape their practice in new ways. The one step ahead in MTD transition could open the door to new clients. There is also an opportunity to increase the value of your service through the transition which would turn into an increased scope of revenue.
MTD is a perfect opportunity for accountancy practice to bring the bookkeeping in-house & one of the easiest ways to increase revenue.
Our team at XL KPO are well versed with the upcoming MTD Income tax compliance, Software & bookkeeping & will be happy to help accountancy practices keep one step ahead of the competitor.
Brief about MTD for Income Tax
- MTD will apply if you are registered for Income Tax
- If qualifying income (Self-employment & property) is > £10,000
- You need to use MTD compatible software from 6 April 24 to update HMRC
- Keep income-expenses records in digital format
- Send quarterly updates of your business income-expenses to HMRC
- Finalise your business Income by submitting the end of a period statement (EOPS) in which you can make any accounting adjustment, claim any reliefs & confirmation about correct & complete & completeness of provided information.
- Submit your final declaration & pay the tax you own by 31 January following tax year.
To know more connect with our expert at info@xlkpo.com and book a free consultation. Or call on +44 208 191 1010 for any MTD related questions.
