Forthcoming changes are an opportunity to redefine the relationship between you and your clients
With under 500 working days until Making Tax Digital for Income Tax Self-Assessment (or MTD for ITSA as it is better known) comes into effect, practitioners may be wondering how much work is going to be required to prepare for it and operate under it.
In this podcast, Jordan Smith and Andrew Smith of A G Smith & Co discuss how with any change comes an opportunity to develop new income streams within your business and to redefine the relationships between you and your clients. Their suggested first steps in preparing for MTD for ITSA should help any practice that hasn’t yet started on the digital journey.
Key to this is building a client database and then segmenting it into their wants and needs for MTD so that you can prepare the resources you need and get software into place. But you’re also going to need to be realistic about what you can charge your clients for the additional work that’s going to be needed.
Listen to the podcast, where Jordan and Andrew cover a whole lot more.