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A recent survey by IRIS Software Group has uncovered that more than two-fifths of accountants are not yet ready for the Making Tax Digital (MTD) requirements, due to be effective on April 2026.
The findings of the study were gathered from participants of IRIS’s latest webinar titled “Navigating the UK Accounting Landscape.”
The event featured experts such as Mazuma co-founder and CEO Lucy Cohen, along with representatives from HMRC and Companies House.
They discussed the effects of regulatory changes, the integration of AI, and strategies to combat talent shortages in the accountancy field.
The survey reveals that a lack of preparedness persists despite the government’s efforts to digitise tax reporting.
It indicates that while 44% of accountants feel somewhat prepared for the upcoming MTD requirements, a 10% consider themselves very prepared.
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By GlobalDataConversely, 31% of respondents feel somewhat unprepared, and 11% acknowledge being very unprepared, underlining the sector’s struggle with readiness.
MTD for Income Tax Self Assessment (MTD for ITSA) will become obligatory for businesses, self-employed individuals, and landlords with an income more than £50,000 from April 2026, and for those earning above £30,000 from 2027.
This mandate will necessitate MTD-compatible software for VAT returns.
Accountants are expressing concerns about the additional workload that compliance with MTD will entail.
Many are apprehensive about managing the transition in conjunction with their current duties, according to the survey.
The IRIS study states that the first step towards preparedness is understanding which clients will fall under the MTD requirements.
Furthermore, the company notes that accountants must identify and implement HMRC-approved software for MTD filing.
Addressing these initial steps early will allow teams to familiarise themselves with new systems well before the deadline.
IRIS Elements is designed to assist accountants in meeting the challenges of MTD compliance.
By automating tasks such as data entry and record-keeping, IRIS Elements enables practices to save time, minimise errors, and concentrate on more strategic activities.
The platform’s seamless integration with HMRC’s systems ensures compliance with MTD and other requirements while enhancing workflow efficiency.
Both the IRIS Elements cloud suite and the IRIS Accountancy desktop solution are set to receive updates to support accountants in complying with the new MTD regulations before the April 2026 deadline.