Episode 13 brings you a fascinating look into the D-personality type within DiSC and we also bring you an interesting interview with FreeAgent as well as the usual AdminMin.
Ascentis TV Episode 13
In the latest episode of Ascentis TV, Episode 13 brings forth a wealth of insights into the impending transformation affecting self-employed individuals and landlords – Making Tax Digital (MTD) for income tax. Mark Overend takes the lead in both the tech talk and tax tips segments, shedding light on the intricacies of this significant change.
Understanding Making Tax Digital (MTD) for Income Tax
Mark kicks off the episode by delving into the essence of MTD for income tax, emphasising its impact on the self-employed and landlords. The imminent shift, scheduled for April 6, 2024, mandates a shift in how financial information is transmitted to HMRC. The use of technology becomes pivotal in this scenario.
To unravel the complexities further, Mark engages in a conversation with Doug McMillan from Free Agent, a software provider. Doug outlines the criteria for falling under MTD, clarifying that anyone with a turnover exceeding £10,000 will need to adopt digital record-keeping using compliance software.
Quarterly Reporting and Cultural Adjustment
The discussion evolves to the quarterly reporting requirements, drawing parallels to VAT returns for businesses. Doug reassures that Free Agent is geared up to facilitate these quarterly submissions seamlessly. However, the cultural adjustment is highlighted, especially for landlords accustomed to traditional record-keeping methods.
The deadline of April 6, 2024, is emphasised, but both Mark and Doug stress the importance of early preparation, hinting that the transition requires a mindset shift. Doug assures that Free Agent aims to make this transition smooth and even enjoyable, demystifying the notion of increased administrative burden.
A Dive into Free Agent Software
The episode takes a practical turn as Mark and Doug provide a live demo of the Free Agent software. From invoicing to recurring invoices, and from expenses tracking to bank feed integration, the software appears user-friendly and tailored to simplify the digital record-keeping process.
Adapting to Change
As the episode concludes with a discussion on admin matters, it becomes evident that the shift to MTD is not just a compliance hurdle but a fundamental change in how businesses operate. The emphasis is on proactive adaptation, with the Free Agent software emerging as a valuable tool to ease the transition.
We try to demystifying the complexities of Making Tax Digital and showcasing practical solutions for a seamless transition into the digital era of tax compliance. For businesses, the key takeaway is clear – embrace the change early, leverage technology, and make the journey towards digital tax management not just compliant but efficient and even enjoyable.
About Ascentis TV
Ascentis TV is our update show that gives business leaders updates and insights on various growth-related topics such as taxation, financial management, people management and much more. The show features our amazing experts from Ascentis who have many years of experience in helping businesses grow successfully and helping individuals achieve their personal vision of success.
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