Three areas where accountants can turn adversity into opportunity

Tax Season takes enough of a toll – but now there are new laws and processes to contend with.

So, how do you turn the tables on these challenges and find opportunities for success?

In a recent webinar, industry leaders Lucy Cohen (Mazuma Accountants), Gill Thomas (HMRC), and Helen Morris (Companies House) provided invaluable guidance, discussing:

• Ways to get the best from your team during tax season
• How to prepare for Making Tax Digital for Income Tax Self Assessment
• The best way to embrace the changes that the Economic Crime and Corporate Transparency Act will bring

Enjoying strategic success during busy season

Tax season – called busy season by many – brings more than its fair share of stress, tight deadlines, and clients procrastinating over mission-critical paperwork.

More than 50% of responses to our webinar poll said accountants either work overtime, struggle to manage their workload effectively, or both (respondents could pick more than one).*

The importance of boundaries, tech and team well-being

During the webinar, Lucy Cohen, co-founder of Mazuma Accountants, highlighted some powerful strategies to manage busy season challenges and turn them into opportunities for success.

Key strategies:

• Set boundaries: Clearly communicate deadlines and embed expectations in terms and conditions to change client behaviours.
• Leverage technology: Use automation to send reminders, track client data, and reduce manual work.
• Prioritise team well-being: Empower staff with the ability to lessen the strain of busy season where possible and chase clients early. Offer resources like private healthcare and counselling to help employees manage stress.

Of course, this landscape will change because of Making Tax Digital for Income Tax Self Assessment (which we talk about more in the next section). Lucy emphasised the potential for growth this will bring – its quarterly reporting will demand more frequent touchpoints with clients, enabling stronger relationships. “It’s going to mean a huge behavioural shift for both businesses and accountants out there, but I don’t think we should run away from that,” she said.

“I think it’s a really positive opportunity for change. It’s a chance to build better relationships, it’s a chance to stay on top of your numbers, and it’s a chance to get into a better cadence of things.”

Preparing for Making Tax Digital for Income Tax

Gill Thomas from the Software Developer Engagement Team at HMRC shared updates on MTD for Income Tax Self Assessment (MTD for ITSA). This is set to become mandatory for businesses, self-employed people and landlords earning over £50,000 in April 2026. Those with an income over £30,000 will be mandated from 2027.

Businesses must maintain digital records and submit quarterly updates via approved software.

However, only about 10% of webinar poll respondents said they were “very prepared” for this major change. The majority (about 44%) were “somewhat prepared” or "somewhat unprepared" (about 31%).*

Steps to get ready:

1. Check eligibility: Confirm which clients will be affected based on income thresholds.
2. Adopt approved software: You must use MTD-compatible software.
3. Educate clients: Help clients understand how MTD for ITSA will affect processes.
4. Sign up voluntarily: Early, voluntary client adoption is encouraged by HMRC to ensure familiarity with the process as soon as possible. There are no penalties for those taking part in HMRC’s testing programme, and there is dedicated support.

Gill explained that the industry’s thoughts on MTD for ITSA are very important. “As we build the service, your experience and feedback are key,” she says, “so that we can respond in an agile way when you tell us that things don’t work as we need them to.”

Embracing change with the Economic Crime and Corporate Transparency Act (2023)

Helen Morris, Service Manager (Accounts Filing) from Companies House, outlined the impact of the Economic Crime and Corporate Transparency Act. “The ACT really gives Companies House the power to play a much more significant role in tackling economic crime and supporting economic growth,” she said.

“The plan is that the measures will lead to improved transparency and much more accurate and trusted information on our register.”

The Act received Royal Assent on 26 October 2023, and the first changes came into force on 4 March 2024.

What’s changing:

1. Mandatory digital filing: Businesses must use third-party software for all accounts filings. Paper and web submissions will be phased out.
2. Enhanced reporting: Small companies must file directors’ reports and profit-and-loss accounts, while audit exemptions require more detailed statements.
3. Greater scrutiny: Companies House will actively verify submissions to prevent fraud and ensure accurate public data.
4. New timelines: Regulations will standardise filing cycles, limiting how often accounting reference periods can be shortened.

How to prepare:

• Transition to software-based accounts filing early to familiarise yourself with new systems.
• Educate clients on enhanced reporting requirements and ensure their data is complete and accurate.
• Stay informed through Companies House’s dedicated legislation update page for the latest guidance.

Find out more

View the full webinar on demand and get full guidance and insights from these industry experts.

The webinar includes:

• The full inside track on how one accountancy firm attracts new staff and empowers its teams
• An insider’s view on the MTD initiative and its progress
• A step-by-step series of insights into the dos and don’ts of the Economic Crime and Corporate Transparency Act.

Click here to view the webinar.


*Note: the numbers in our poll are rounded to the nearest full percentage and come from a total of 61-82 responses, depending on the question.

"How prepared do you feel your business is for the forthcoming Making Tax Digital (MTD) requirements?" had 61 total responses.

"How does the increased workload during the busy season (e.g., year-end filings, tax returns) impact your accountancy practice? Select all that apply," had 80 total responses.