Beware the rise of the bots, warns Tony Margaritelli – people still value the human touch.
Welcome to the latest edition of HMRC EIP magazine.
The implementation of AI in accountancy practices across the land is accelerating. It most likely accounts of the bulk of the adverts flooding into our inboxes, telling us that if we are not using AI our practice is losing out on untold benefits.
Whether that’s true or not is for individuals to decide, but what is a massive concern is that AI definitely is and will replace human contact – well, it’s cheaper, isn’t it? It starts with the automated systems that act as a barrier before you even get to a human interaction (if that human is a real person).
Are we in danger of losing clients to a robot simply because we thought our robot was better than the competition’s robot?
What happens when AI decides that all a client wants is to reduce the amount of tax they or their company pays, and strives to make that outcome happen in any way that has the desired result. Will the AI’s decision be legal, ethical or in fact plausible?
If AI frees up more time for genuine client interaction that will highlight your competence and qualities, and genuinely help you understand your client’s plans and to help them work towards a defined goal, then that’s great. However, if all it does is generate more summaries, more possible outcomes that beggar more questions, wrapped up in a manner designed to be personable but failing to do so, don’t be surprised if they opt for someone else’s robot.
Let’s not get into the scenario that keeps some awake at night, namely that HMRC’s robot is better than your robot!
Moving to this issue, I’m pleased to welcome first-time content from Sinéad Pratschke, Charlie Davey and Simon Palmer.
And I’m delighted to introduce a new feature for the magazine, namely ‘In Practice with Nick Davies’. Nick will report on what it’s like to run a tax dispute practice. Michelle Sloane features in our Tax People series, and Aidan Moran concludes his two-parter on international tax.
In his usual inimitable way, Gary Brothers takes apart HMRC’s contention that accepting COP9 means admitting fraud.
Two regular scribes well known to readers are Mala Kapacee and Jesminara Rahman.
Mala reports on the recent London Tax Network conference, while Jesmin contributes part two of her three-parter on HMRC’s performance – not to be missed. Our regular award- winning columnists, Robyn Milstead and Paul Rosser, share their thoughts on the profession and, of course, HMRC and MTD.
Please pass a copy of this issue to colleagues and recommend a subscription, because every subscriber counts.
- Tony Margaritelli is the Publisher of HMRC EIP magazine