Intelligent SME.tech Issue 18 | Page 35

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// EXPERT PROFILE // outlining everything from how to sign up , to whether one ’ s business is even eligible .

Even those small business leaders who already feel comfortable with digital technologies should run through these resources with a fine tooth comb to understand precisely what is required of them . Most importantly , HMRC will only accept VAT returns sent using HMRC-recognised software , unless you have a legal exemption .
For eager businesses that have already begun digitalising their tax process , it is worth checking if their supplier is also MTD ready , as this will help narrow down the search and ease potential complications further down the road .
Lean on your accountant ’ s expertise
To make the transition towards MTD as smooth as possible , small business leaders should lean on accountants and bookkeepers wherever possible . Seeking an education on MTD is important as it will equip your business for the future , but falling back on the wisdom of the broader small business community is a necessary step that helps make this process less intimidating . any hiccups . Furthermore , accountants are often able to translate much of the financial and legal jargon , enabling small business leaders to gain a better understanding of what MTD entails and how they can better prepare their business .
Our recent research showed that just under half ( 45 %) of small businesses believe their accountants are more important than ever . They will have practical advice on everything from cash flow management to digitalising documents and can be a vital sounding board during this period of disruption .
By taking advantage of the vast knowledge and expertise possessed by accountants , small business owners can overcome some of the MTD obstacles they will face on this journey . The road to MTD should be collaborative and should not feel like an isolating experience .
SMEs should work closely with their advisors wherever possible , as they are likely already prepared for MTD for VAT and working with other clients to manage the transition without
Damon Anderson , Director of Operations , UK & EMEA , Xero
Intelligent SME . tech
. tech
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