My Firms App regards MTD ‘pause’ as positive news for accountants
Theresa May’s decision to call a snap General Election has put plans for the biggest change to tax administration in two decades on hold and it is expected that the relevant clause will now be reintroduced at a later date. This will give the government time should they wish to address queries about how MTD will work in practice, as there has been concern from within the profession over the speed of implementation and the potential burden for small businesses.
MyFirmsApp operates the largest global custom App platform in the world for accountants in practice and provides the only compliant UK solution used by over 200,000 people. The company is currently developing an App-driven solution to MTD, which accountants can give to their clients to record all the necessary information on their Smartphones and Tablets for the quarterly online returns. This will help the accountant to maintain strong client relationships and maintain that trusted advisor status that is capable of being eroded by MTD.
Joel Oliver, CEO, MyFirmsApp commented: “The news that MTD faces a short delay is great news for the accounting profession providing they capitalise on this and take action as it will give accountants time to implement a solution, train and on-board clients and prepare in a timely manner.”
“We will be using this time as a business to help firms respond, and take action today. Therefore the beta-testing of our App-driven MTD solution will be released to hand-picked accountants visiting Accountex on the 10th and 11th May will be able to see the software in action on our stand A1120.”
Paul Aplin OBE, ICAEW vice-president and a pioneer of the digital taxation movement has accepted our invitation to speak at the event and in his presentation, ‘Where we were, where we are and where we are heading’, he will be addressing the question on most accountants’ lips: “Will the problem go away?’”
“MTD is not over and there are no signs of a decision to undo the plans and they may not even delay its implementation. It’s simply a deferment, and it’s very likely to be reintroduced when Parliament resumes. HMRC wants data in a digital format; they want it more regularly and ultimately, they will want it in real time. The benefits to this system are considerable, not only for HMRC but for accountants and the business community as a whole.”
The keynote sessions with Paul Aplin in the MyFirmsApp Digital Workshop theatre are set to be popular so reserve a seat now by going to https://www.myfirmsapp.co.uk/accountex-2017/