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Good tax tidings we bring

Posted 1 week ago in Advisors by Vikki Bean
Posted by Vikki Bean

It’s been just over two weeks since we hosted more than 3,000 accounting professionals at Xerocon London. Over the course of the two days, we launched new innovations and partnerships that usher in a new era in automated accounting. And it will come as no surprise that Making Tax Digital (MTD) was a hot topic.

Some of you would have joined us for our breakout session on getting your practice ready for Making Tax Digital. In this, we gave the people in the room a sneak peek of our new MTD for VAT solution. We also ran through the things that accountants need to be doing now to get ready for MTD for VAT.  The start date for MTD for VAT is 1st April 2019 which is less than four months away.

Get skilled up with our MTD learning journey

One of the first things we advised was taking part in our MTD Learning Journey. Within this, you’ll find useful videos and webinars to help get you and your team MTD-ready. More than 3,000 accountants and bookkeepers have participated in the education journey so far and we’ve had some great feedback.

Upon completion of the course, you and your firm will be awarded the all-important MTD ready badge. Use it to promote your firm to new clients in the advisory directory, or in your own marketing such as your email signature, website or social media.  

From the firms who’ve participated in the programme, we’ve discovered that businesses searching our advisor directory are almost two times more likely to select an advisor with the MTD ready badge over firms that don’t. This is important given that over 75,000 searches of the advisor directory were made in the last two months. And this has led to thousands of referrals to UK-based Xero partners.

Five steps for getting ready

Here are five easy steps on how to get your firm ready for Making Tax Digital for VAT:

  1. Sign up for an agent services account
  2. Identify your impacted clients
  3. Create a migration plan
  4. Build a communication plan
  5. Get involved in Xero’s MTD for VAT beta (only available to Xero partners)

Check out our Making Tax Digital resource hub to find out more. If you still have questions on Making Tax Digital, contact your Xero account manager or email partnerteam@xero.com.

And if you’re a small business, please contact your accountant or bookkeeper or touch base with our support team via Xero Central.  

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