HMRC announced back on 2019 that Making Tax Digital for VAT would become law impacting around 1.2 million businesses in the UK including those in the private medical sector.
MidexPRO were able to facilitate the integration of Accounting software Xero within MidexPRO ahead of the deadline. What this meant to Users was a dramatically reduced administration process, the facility to submit invoices from MidexPRO to Xero without the need for external Accounting methods and ensured MidexPRO Users were fully compliant when the law changed.
Fast forward to 2022 and another announcement relating to Making Tax Digital for Income Tax Self-Assessment (ITSA) would be pushed back from its proposed launch date of April 2024 to its new date of April 2026 allowing for more of those affected, to prepare accordingly.
So, who will be affected by the new MTD for ITSA?
Sole Trader and Landlords are most likely to be affected first, but there is also a likelihood of a phased approach to those with multiple incomes. General Partnerships for example.
Having looked at the changes that are expected to affect medical professionals, it’s fair to say that even with a delay in the changes being rolled out in 2026, embracing the changes now and planning for those changes will help busy businesses ahead of the new ‘live’ date.
Are you using a Private Practice Management software with an integrated Accounting Software?
If not, you may find the advantages of moving to a platform that does, beneficial to you.
Migrating your data to a provider with Accounting software integrated like Xero, will assistance your business with payroll, invoicing and forecasting and once up and running you and your advisors can have access to real-time business information helping to increase automated actions.
The time saved on administrative actions alone is worth investigating. This, coupled with the added advantages of real-time information on income and expenditure is extremely beneficial to running or expanding a business.
MidexPRO and Xero have been partners for many years now and those Clinicians using MidexPRO and Xero together have reduced administrative work dramatically. You can read more here about Making Tax Digital delay https://www.xero.com/uk/programme/making-tax-digital/making-tax-digital-delay/ and if you are keen to see how using our combined software to support your Private Practice, contact our friendly UK Support team on 0330 999 3399 or email Support@midexpro.com We can arrange a demonstration of the system which will show you how the integration with Xero and other tools will benefit you.
The Support team can also answer any questions you may have on moving provider, for example: How do I move my patient dataset to a new software system? or What patient information will move from my current provider to my new Private Practice Management system? You can also click the link to read FAQ relating to this topic. https://midexpro.com/moving-to-midexpro/
We look forward to hearing from you.