TaxCalc Blog

MTD. VAT. Brexit... AOK?

While the UK finds itself these days having to manoeuvre political and economic minefields, the accountancy profession faces its own increasing levels of uncertainty with technological, social and legal factors influencing practices at every turn.

The challenges have been continuous, with updated FRSs, the GDPR, MLRs and the imminent rollout of MTD for VAT with BREXIT and MTD for Business hot on their heels. There’s simply no getting away from the fact that change is inevitable.

These changes will affect the services you provide, how you interact with your clients – and how you manage your practice.

For a well-established and reasonably-sized practice, such challenges are worrying enough. But with the number of small and micro practices growing over recent years and the re-emergence of lifestyle accountants, those with little or no network around them will need the support from others to help them make the right choices.

So what should you do?

Plan, Embrace and Transform...

... And don’t panic! Some short term planning is obviously required to avoid any bumps in the road, especially for MTD for VAT, but it would also be wise to start the process of building a longer-term strategy.

Plan: Start with a list, speak to your institute, your software providers and other accountants to find out how they’re planning for future. 

Embrace change: Be innovative and forward thinking. Both BREXIT and MTD provide opportunities to offer added-value client services you hadn’t previously considered.

Transform: You may want to look to review staffing, internal processes and software. Do you have the ‘right tools’ for the job? You may need to streamline your processes and consolidate your systems to free up time for you and your clients. Will you start your own digital transformation? 

When should I review my software?

Now is a critical time to take stock, to work out if and when you need to take key investment decisions. You don’t want to be stuck with a system that doesn’t meet your needs.

Requirements of GDPR, MLRs and MTD highlight the importance of knowing where your data resides and keeping on top of your work.  Furthermore, BREXIT is likely to create instability and prompt legislative change through the devolution of legislation from the EU over the coming years. Having the right systems in place are therefore imperative.

For you to consider:

• Cost
  Is your software scalable as you grow? Can you choose what tools you pay for? Do you have to pay for more than one system?
• Features
  Is your software fully compliant and future-proofed? Does it have features you pay for but don’t use
• Efficiency
  Does your software save you time?  Does it make complex jobs easier? Is it easy to use/learn?
• Support
  Do you have access to help when you need it?
• Upgrades/Maintenance
  Do your systems receive regular updates?  Are updates quick to install?
• Data Protection
  Do you know where your client’s data is stored? Is your client’s data all in one place?
• Cloud Software
  Do you use Cloud software, or will you consider moving to the Cloud at some point?  Note: Becoming digital doesn’t necessarily mean moving to Cloud.

How can TaxCalc help

Engineered for excellence and exceptional value
We take immense pride in developing software that’s engineered for excellence, intuitive to use and offers exceptional value for money. You choose the products you want. Our pricing is completely transparent pricing, with no hidden extras.

Commitment to compliance

We work tirelessly to make sure your compliance needs are met both now and in the future.  Our commitment is to provide software that allows you to thrive in these uncertain times.

Customers at our core

Being privately-owned, we dictate our own priorities and values. Relentlessly customer focus is at the heart of everything we do.

World class support

Our UK-based Support Team offers free telephone and email support^*.

All in one place

Our integrated suite of products allows you to keep all your client’s data in one place, helping with your GDPR obligations.

Connected to the Cloud

If you’re keen to move to the Cloud, TaxCalc CloudConnect provides the freedom to use TaxCalc desktop software anytime, anyplace anywhere – and keeps your client data completely secure.

Future-proofed for better practice performance

We constantly improve our software and release free, feature-rich updates throughout the year. Look out for new and enhanced practice management products, plus a whole string of enhancements in 2019.

Take a FREE 14-day trial of all our products

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