MTD chews up the working hours and they\u2019re still saying it\u2019s just about button-pressing, writes Tony Margaritelli.
As MTD begins to unfold in all its wonderful technical wizardry, pity the poor tax partner\/agent\/ manager now spending countless working hours learning the machinations of all the software options being promoted assiduously. Then, of course, there is the vexed question of the cost; this should be straightforward but, as usual, the various pricing options are often so convoluted that getting the best price is more luck than judgement. Having settled upon their software of choice they then have to deal with clients who decide they want to use something completely different.
Having a working knowledge of so many software options takes an inordinate amount of time, patience and ability, none of which is actually taxation driven. It seems that you study taxation and are looking to use that knowledge for the benefit of taxpayers everywhere, but end up becoming a software technician or even a software salesman. You worry more about how to make the software work for your clients than the implications of the data you are overseeing or entering on their behalf.
The true cost of MTD to the small practitioner is only now only being discovered, as the daily grind of client interactions, coupled with the significant increase in admin costs involving amongst other things lengthy new letters of engagement, is playing out. That\u2019s before you have to deal with the tax estimation that will arrive after the first quarter\u2019s filing. But don\u2019t worry colleagues \u2013 all of this will ONLY cost your clients an additional \u00a316 a year because, after all, it\u2019s just about pressing a couple of buttons. Surely this \u00a316 cost statement will haunt HMRC for years to come, as indeed has \u201cWe value the work agents do\u201d.
Well, MTD is here, up and running in all its digital glory, unless you want an SA302. Then you have to make a \u2018phone call and all with no penalties for this tranche. And yet there is no news on a similar penalty-free offering for the next two tranches (which of course is no surprise at all).
The staff in Parliament Square are starting a book on the likely gong winners, while we have the joys of agent registration and FCA oversight of AML to look forward to. But, so far, no one has said it will all be about pressing a few buttons for negligible additional cost. YET.
As I write this I\u2019m getting more and more convinced that actions speak louder than words.
As regards agent registration, we are hearing \u201cHMRC will adopt a light-touch approach towards agents\u201d, which is good to hear.
But why is it necessary? Why is legislation so badly drafted that a \u2018light touch approach\u2019 is necessary \u2013 and if they don\u2019t mean, why say it? Take a look at Tarandeep Singh Sangra\u2019s article on page 28 to see what I mean.
HMRC are targeting all agents, not just the bad agent who probably will not bat an eyelid at the new regulations. It is targeting all agents simply because legislation so badly drafted. No matter how many times they say \u201cwe value the work you do\u201d their actions say exactly the opposite.
Anyway, we have another big issue for you, with top-quality content covering the Loan Charge, how HMRC is set up, all things crypto, CIS (HMRC\u2019s latest favourite), how to handle an enquiry, voluntary disclosures, identity verification and Companies House recent IT woes. Add practitioners\u2019 favourite the form P800, agent registration and transactions in securities.
Truly something for everyone, as they say. And why? Well, because I value the work you do.<\/p>\n\n\n\n
MTD chews up the working hours and they\u2019re still saying it\u2019s just about button-pressing, writes Tony Margaritelli. As MTD begins to unfold in all its wonderful technical wizardry, pity the poor tax partner\/agent\/ manager now spending countless working hours learning the machinations of all the software options being promoted assiduously. Then, of course, there is […]<\/p>\n","protected":false},"author":1,"featured_media":1752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"class_list":{"0":"post-2722","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-blog"},"_links":{"self":[{"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/posts\/2722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/comments?post=2722"}],"version-history":[{"count":1,"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/posts\/2722\/revisions"}],"predecessor-version":[{"id":2723,"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/posts\/2722\/revisions\/2723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/media\/1752"}],"wp:attachment":[{"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/media?parent=2722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/categories?post=2722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxinvestigation.co\/new\/wp-json\/wp\/v2\/tags?post=2722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}