With just a few months to go before Making Tax Digital (MTD) for Income Tax kicks in, now’s the time to get serious. This is more than just a compliance deadline; it’s a genuine opportunity for your firm to grow its income and client base. But only if you have a clear business and marketing strategy in place.
Why MTD for Income Tax is a marketing opportunity
HMRC estimates over 2.9 million self-assessment taxpayers will have to transition to MTD for Income Tax over the next 3 years. That means there’s a huge audience out there that needs support with the changes. Whether you’re helping existing clients transition or attracting new ones, MTD offers a prime opportunity to showcase your value.
However, you need to look wider than helping taxpayers comply with the new rules. While there may be some scope to increase client numbers and fees, this may be limited with the very small taxpayers. The aim is to identify those taxpayers who have the scope to grow their turnover over the next few years, which could lead to them using your firm for additional services such as accounts, payroll, VAT, management accounts, personal or business-related tax planning.
But – and it’s a big but – every accountancy firm is different. Your MTD strategy should reflect your firm’s strengths, resources, and service offering. What works for one firm won’t necessarily work for another, especially when it comes to pricing, technology, and how you market your services.
Build your business strategy first
Before diving into MTD marketing, you need clarity on your service and delivery model. Who’s going to do the work? Can your existing staff take this on with training, or do you need to outsource or build a referral network? Is your tech up to the job, and do you have the systems and procedures in place to cope?
Then there’s your service offering. Are you going all in with bookkeeping, quarterly submissions, and final declarations? Or are you offering just software support and training? Maybe you’re reviewing client-prepared data? Your marketing messages need to match whatever you decide.
Pricing is another key component. There’s no one-size-fits-all. Price depends on your approach, your clients, and the value you’re delivering.
Align your MTD marketing strategy
Once you’ve confirmed what you’re offering and how you’ll deliver it, your marketing strategy needs to follow suit. And that starts with defining your audience, because different messages work for different people.
For your existing clients, the focus is on education and reassurance. They need to know what’s changing, why it matters, and that you’ve got their back. It’s also a great opportunity to cross-sell bookkeeping or advisory services.
Prospective clients, on the other hand, need to see you as the local expert. Highlight your digital expertise, talk about your MTD services, and make it clear you can simplify this transition for them. And don’t forget your team; they need to be confident and consistent in how they talk about MTD, too.
Keep it clear, consistent and repetitive
What’s the secret to maximising your income from MTD?
Repetition. It’s as simple as that.
You need to say the same thing, in different ways, across multiple channels. That repetition builds awareness, which builds momentum, which builds results – and ultimately, revenue.
A clear, jargon-free message that’s practical, reassuring and timely will resonate best. Whether you’re sending emails, hosting webinars, updating your website or posting on social media, make sure your messaging is consistent and coordinated.
Tools and channels that work
Don’t just rely on one method. A dedicated MTD webpage is a must, downloadable guides and leaflets all have their place, as do blogs, newsletters, and client 1-2-1s. Also consider email, social media, webinars, local exhibitions, PR and updating your SEO. The more channels you use, the wider your reach.
Make your marketing personal. Use the contact names of the relevant people in your firm. Offer face-to-face chats or phone calls, and keep the human touch alive in your digital communications. Clients still want to feel looked after, even if everything’s going online.
Make it happen with a marketing action plan
To make it all work, map out your MTD communication plan. What are you going to say, who will say it, and when? Segment your audience and tailor your messaging to each group. Build in plenty of touchpoints, and repeat, repeat, repeat.
Most importantly, be realistic. Your marketing approach will depend on your budget, your team, and how fast you can move. But doing something is better than nothing, and the earlier you start, the better positioned you’ll be to turn MTD into a profit driver.
Need support?
If you’d like help shaping your MTD messaging or getting your communications off the ground, get in touch. I’ve developed a range of pre-written MTD resources you can use right away – including a client email and downloadable guide – to save you time and get results.
Or book a free MTD marketing review to chat through where your firm is at and how you can make MTD marketing work for you.