For many years, we have been charging clients on an annual basis for Accounts prep and Tax Returns and quarterly for VAT.
With the impending roll out of MTD for ITSA, we will have to change the basis of how we charge and when. The quarterly periodic update has to be reasonably accurate and be submitted to HMRC digitally. This means a mini set of Accounts each quarter and i do not want to load clients up with additional costs.
I expect that Accountants will have to take on staff specifically knowledgeable in certain bookkeeping software in a bid to keep the overall cost to the client to a minimum.
Perhaps there will be a breed of new tech savvy bookkeepers to act as middle men/women between the client and the Accountant practice.
I for one, am uncertain as to what will unfold between now and April 2024 but will be very happy to hear how other firms are planning ahead and what their current thoughts are on the subject.