• Register
Return to: Home > News > MTD legislation to spur demand for accountancy compliance services 

MTD legislation to spur demand for accountancy compliance services 

UK accountants are likely to provide more clients with VAT submission services due to the Making Tax Digital (MTD) legislation, according to research by IRIS Accountancy Solutions.

MTD is legislation which is due to come into force in April 2019 and aims to modernise the way that individuals and businesses in the UK manage their tax.

Registered businesses operating with taxable turnover above the VAT registration threshold will be required to keep digital accounting records and file VAT returns using MTD compliant software from April 2019.

The research found many of the accountants from the 553 accountancy practices surveyed do not believe their clients are willing to continue to spend time keeping their books up-to-date and would prefer their accountant to deliver bookkeeping services.

Over half (58%) of accountancy practices expect to provide bookkeeping services for clients from 2019.

IRIS found nearly three quarters (73%) of accountants will continue to carry out submissions for clients when Her Majesty’s Revenues and Customs’ online VAT service is no longer available for businesses with a turnover above the VAT threshold.

Nearly two thirds (63%) of accountants would make quarterly VAT submissions using bookkeeping software in April 2019.

IRIS Accountancy Solutions CEO, Sion Lewis, commented: “The IRIS survey confirms MTD for VAT is likely to increase demand from UK businesses for accountancy practice compliance services. Accountants need to retain the compliance loop at the core of their practice but they should also use them as the springboard for value-added services, enabling to stay relevant in the coming years.

“MTD is the centre piece of the digital economy in our industry and every reputable vendor is going to huge lengths to ensure their clients of all sizes can maximise the opportunities as the industry transforms.”

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.