![]() The increased record keeping burden imposed on businesses as a result of MTD may provide opportunities for bookkeeping businesses to offer their services more widely so that business owners can get on with what they do best - running their business - and leave the burden of the MTD record keeping to their bookkeeper. The scope of MTD will be extended to income tax from April 2023. MTD for VAT purposes applies to any business with a turnover above the VAT threshold. The introduction of Making Tax Digital (MTD) by HMRC means that businesses have to keep digital business records and submit quarterly returns to HMRC based on those records. You may be able to offer a cheaper or more personalised service, for example. So it's essential to make sure that the services you plan to provide will prove attractive to potential clients and that your role complements that of your client's accountant. And more and more business people are using bookkeeping software to record their financial transactions themselves. ![]() There's lots more competition now from online accountants and bookkeepers too, who can attract clients from all over the country. Be aware that bookkeeping services are also provided by accountancy firms of all sizes, many of which will be able to offer clients a wider range of services than you are likely to offer (for example, preparing the client's annual accounts, undertaking an audit, offering financial services and so on). It's very important to find out whether there will be enough demand for your bookkeeping services business. Research your target market Estimating demand for your bookkeeping services
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