There are just 143 working days until the start of Making Tax Digital for VAT in April 2019. With the busy season approaching there is clearly little time left for organizations to select and implement MTD compliant software. Selecting the best software for your organisation can be a daunting task. Software needs to meet the business requirements of an organisation today and should also be adaptable to an organisation’s future needs.
There are clear benefits and value in investing in a digital business or practice. As one member recently told us:
[…] because of the high level of automation and the low dependency on me as an individual, I found that I was able to agree a price [for the practice being sold] that I later discovered was 32% above average.
We have gathered together advice on how to approach selecting business software on our MTD resource hub.
This morning we had a discussion with HMRC regarding the challenges that organisations may face when selecting software, particularly those who have yet to make a full commitment to being digital.
In the near future HMRC will be providing a “software choices” viewer. A web page that will allow an organisation to select MTD software based on a range of criteria. Similar to the ones you find that are provided by on-line shopping sites.
By using the MTD software choices viewer selection criteria and filters an organisation will be able to create a shortlist of suitable applications. However this will only be the part of the process. An organisation will need to also consider other factors beyond MTD compliance. Examples include: the technology being used, any existing software in use, the market sector the software provider caters for, the pricing model as well as the additional features that could well help create an efficient and flexible practice; one that is able to adjust and meet the future needs of its clients.
The HMRC MTD software choices viewer is due later in the year.
In the meantime we have provided additional advice on software selection and list all the currently know MTD applications on the MTD hub software page. This page will be able to help your organisation start the process of selecting MTD software today.