New report shows tax professionals’ expectations
According to the recent Tolley Industry Report, 42% of tax professionals believe MTD will change the services they provide.
It’s no surprise that since the introduction of MTD, more practices are looking to diversify in the services they offer to make sure they keep up with client expectations and competition. There is much debate around the roles within the accounting industry, and what the modern firm is expected to provide to keep up with ever changing demands and the expectation brought with facing MTD and its challenges.
The need to provide added value on top of your traditional service is greater than ever, with clients looking for updates on tax legislation, future tax changes and impact, and commentary throughout the year.
One of the other biggest challenges facing many firms has been the migration to digital, and with this, it’s vital that clients get into the mindset of using technology so they are prepared for MTD.
Having your own firm’s branded App for example will allow your clients to use the Receipt Manager tool to start them on their digital journey. It also provides full commentary around the Budget, updates in legislation, current and future tax changes; all delivered direct to your clients’ Smartphones from yourself as part of an automated Push Notification package.
Those practices already using ‘automated client communications’ report that they are able to increase the number of touch points substantially and keep clients updated with crucial information without having to burden the team. One of the key benefits is that the accountant sending the update ‘appears’ to the client to be available 24/7, even when the office is closed.
They have a 93 percent open rate means that these messages are almost always read – typically, within minutes of delivery – and research indicates that push notifications are particularly effective in the financial services sector.
Added to this, having your very own Tax hub with access to a fully maintained tax rate section and suite of powerful tax calculators, the App provides added value for your clients while saving you the time.
Here at MyFirmsApp we have also put together a report of 10 of the top MTD for VAT bridging software options available on the market for Accountants in practice.
The guide includes:
- MTD recap & summary
- MTD registration process
- Exemptions and penalties explained
- Ten bridging software options reviewed
- HMRC’s full list of suppliers
You can download your copy of the guide for free by clicking the button below: