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 will result 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 to be provided in future, will need to be reviewed and are likely to change. MTD will also result in changes to how agents interact with HMRC, with increasing reliance being placed on commercial software and the online services that HMRC currently provides through its agent portal being withdrawn over time.