Georgiana Head looks at how the tax profession will change as a result of the Making Tax Digital agenda
What is the issue?
The tax profession is undergoing a tremendous amount of change as a result of the MTD agenda.
What does it mean to me?
The MTD proposals are on the mind of every tax adviser, and it is time to start preparing.
What can I take away?
Most direct tax advisers will have to rethink how they brand their practices and what added value they bring to clients.
In the March 2015 budget the then Chancellor George Osborne announced the demise of the ‘complex, costly and time consuming’ tax return. He promised a ‘revolutionary simplification for tax collection’ and the plan to Make Tax Digital (MTD). Two years later the tax profession is still wrestling with the impact of MTD and getting their clients ready for the brave new world of digitalisation. Now is a good time to take stock of how MTD is likely to impact the tax profession and how we can ‘future proof’ our tax departments and our careers against it.
So what will the tax profession look like after 2020 when the last tranche of returns has gone digital and we are all working from our digital tax accounts?