{"id":62031,"date":"2025-02-01T11:07:12","date_gmt":"2025-02-01T11:07:12","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/are-accountants-ready-for-making-tax-digital-new-survey-reveals-gap-in-preparedness\/"},"modified":"2025-02-01T11:07:12","modified_gmt":"2025-02-01T11:07:12","slug":"are-accountants-ready-for-making-tax-digital-new-survey-reveals-gap-in-preparedness","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=62031","title":{"rendered":"Are accountants ready for Making Tax Digital? New survey reveals gap in preparedness"},"content":{"rendered":"


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A new survey conducted by IRIS Software Group<\/a> (IRIS) found that more than two in five accountants (42%) are not yet prepared for the upcoming Making Tax Digital (MTD) requirements set to take effect in April 2026.<\/p>\n

IRIS\u2019 findings come despite the government\u2019s push to digitalise and streamline tax reporting. According to IRIS\u2019 survey, 44% of respondents said they felt somewhat prepared for the forthcoming MTD requirements, while only 10% considered themselves very prepared. In contrast, nearly a third (31%) said they were somewhat unprepared, with 11% admitting they were very unprepared, highlighting the industry’s challenges in achieving readiness ahead of the deadline.<\/p>\n

The survey reveals widespread concerns among accountants about the additional workload MTD compliance will bring. Many practitioners worry about how to manage the transition alongside their existing responsibilities. \u201cAccountants are already overstretched with day-to-day work, and worry that preparing their clients for MTD will only add to this.\u201d noted Mark Chambers, Managing Director of IRIS Accountancy.<\/p>\n

Mark Chambers continued, \u201cWhile many accountants have started to take proactive steps towards compliance, there is much to be done to ensure full readiness. With just over a year left until the MTD deadline, the data from our survey underscores an urgent need for firms to adapt to ensure compliance and avoid penalties.\u201d<\/p>\n

Preparedness begins with practices firstly understanding which of their clients will meet the MTD requirements, with guidance already available on the Gov.uk website<\/a>. Secondly, accountants need to find and integrate software recognised by HMRC for MTD filing. Addressing these two steps sooner rather than later will provide time for teams to get acquainted with new systems ready for April 2026.<\/p>\n

\u201cThroughout MTD\u2019s phased implementation, we\u2019ve been supporting accountants to digitalise records and transition away from paper-based tax returns, supporting compliance while introducing efficiencies and minimising the risk of errors. AI-driven automation also has the potential to streamline tasks such as data entry, reconciliations and invoice processing. Used effectively, it can help alleviate pressure on teams to meet the demands of busy season, or to free up capacity that can be used to plan for regulatory change like MTD\u201d, added Mr Chambers.<\/p>\n

IRIS Elements<\/a>, is uniquely positioned to help accountants overcome the challenges of MTD compliance. By automating time-consuming tasks such as data entry and record-keeping, it empowers practices to reclaim valuable hours, reduce errors, and focus on higher-value activities. The platform\u2019s seamless integration ensures compliance with HMRC requirements \u2013 including MTD – while introducing efficiencies that transform everyday workflows.<\/p>\n

IRIS, a global provider of leading accountancy solutions, was the first software vendor to be listed as recognised by HMRC for MTD filing since the initial requirements for digital records and VAT returns via MTD-compatible software were introduced in April 2019.\u00a0IRIS\u2019 recent acquisition<\/a> of leading bookkeeping automation platform Dext<\/a> provides a further level of security as firms move to MTD.<\/p>\n

MTD for Income Tax Self Assessment (MTD for ITSA) is set to become mandatory for businesses, self-employed people, and landlords earning over \u00a350,000 in April 2026. Those with an income over \u00a330,000 will be mandated from 2027. It will require accountants to keep digital records and submit VAT returns using MTD-compatible software.<\/p>\n

IRIS captured the findings of the study from the audience of its latest webinar Navigating the UK Accounting Landscape<\/em><\/a>. <\/em>The software specialist was joined by experts including Co-founder and CEO of Mazuma, Lucy Cohen, alongside representatives from HMRC and Companies House. Together, they explored the impact of regulatory change on the industry, the adoption of AI, and strategies for navigating talent shortages in the industry.<\/p>\n

The IRIS Elements cloud suite and IRIS Accountancy desktop solution will each be upgraded to support accountants in meeting the new MTD requirements ahead of April 2026. For more information, visit: https:\/\/www.iris.co.uk\/<\/a><\/p>\n

The post Are accountants ready for Making Tax Digital? New survey reveals gap in preparedness<\/a> appeared first on Accounting Insight News<\/a>.<\/p>\n\n","protected":false},"excerpt":{"rendered":"

A new survey conducted by IRIS Software Group (IRIS) found that more than two in five accountants (42%) are not yet prepared for the upcoming Making Tax Digital (MTD) requirements set to take effect in April 2026. IRIS\u2019 findings come despite the government\u2019s push to digitalise and streamline tax reporting. According to IRIS\u2019 survey, 44% […]<\/p>\n","protected":false},"author":1,"featured_media":62032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[12717,824,9283,2167,13030,11556,13640,7344,7356],"dealstore":[],"offerexpiration":[],"class_list":["post-62031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-accountants","tag-digital","tag-gap","tag-making","tag-preparedness","tag-ready","tag-reveals","tag-survey","tag-tax"],"yoast_head":"\nAre accountants ready for Making Tax Digital? 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