The march of digital tax
Making Tax Digital for Business will bring about more than just the digitalisation of tax administration and preparation - it promises to reshape the whole accountancy profession.
Digital disrupters are everywhere. Airbnb and Uber are the poster kids, but the value proposition of "traditional" goods and services are being changed by new technologies and new business models from all kinds of sources, not just digital newcomers. For example, many accounting practitioners in the UK now face digital disruption courtesy of HMRC, while in the US practitioners face disruption courtesy of new tax service provider H&R Block.
The digitalisation of tax administration and preparation is not new, it has been ongoing for years. But some of the changes being initiated by HMRC and H&R Block will push accountancy practitioners and taxpayers into a period of accelerated evolution, during which processes around tax administration and preparation will change so much and so fast that some of those affected will struggle to keep up.
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