MTD for agents
Making Tax Digital (MTD) will lead to very significant change for many ICAEW members in practice. MTD is a major HMRC driven change to the administration of the tax system but it should be seen in the context of the increasing digitalisation of business, including the business of providing accounting and tax services.
MTD has already resulted in significant changes to the agent-client relationship and, in some cases, to the way that a practice operates. The terms of each engagement, and the scope of the services being provided both now and in the future, will need to be kept under review and are likely to continue to change. Agent authorisation may also need to be updated as services are added. We anticipate the way agents interact with HMRC, will require increasing reliance being placed on commercial software and we may see the online filing services that HMRC currently provides through its agent portal being withdrawn over time.