On 7 August, the first ever MTD for Income Tax quarterly update is due, says Rachel Harris, the founder of strive and @accountant_she.
In her latest column in PQ magazine she explains: “If you’re a trainee in practice, you are about to feel it more than anyone, here’s why this matters for you specifically.
“Compliance work is about to become continuous. For years, the rhythm of a practice was one big push to January. Now the first tranche of sole traders and landlords over £50,000 file four times a year, plus a final declaration. Chasing records, cleaning data and nudging clients stops being a January problem and becomes a permanent one. Guess who does most of that chasing.
“That sounds like bad news. It isn’t. Continuous data means continuous conversations, and conversations are where advice happens. The trainee who can look at a quarter’s numbers and say something useful about them, rather than just submit them, becomes indispensable fast.
“So use this quarter deliberately. Volunteer for the MTD clients nobody wants. Learn the software properly, not just the buttons your manager showed you. Notice which clients keep good records and which ones don’t, and ask why. Write down what goes wrong in August, because it will go wrong somewhere, and be the person who knows how to fix it in November.
“Your exams will teach you the rules. This quarter will teach you the profession, live, while everyone around you is figuring it out at the same time.
“Nobody in your firm has done this before either. That’s the opportunity.”
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