Welcome from the editor, September 2017

One of my ‘hats’ outside of tax is as director of the Stroud Fringe (a free live music and arts festival that attracts 15,000 people to our small Gloucestershire town). One of my roles this year (finance governance came first!) is as Noise Control Officer. In that role, feedback is something I am looking to avoid! But when it comes to Tax Adviser feedback it is always most welcome!

This month we include the first of some member feedback in response to our features on Making Tax Digital. It seems that Georgiana Head’s article ‘Changing the game’ in the June 2017 issue inspired many of you to comment, and we have received some interesting thoughts as to how MTD will affect you in practice. An example response included: ‘We have done a lot of work internally in our firm and realise that there will be some change to how the practice operates and that there will always be some clients that will take the opportunity to lower their fees. Our findings to date are that we shall actually require additional compliance staff to process raw data for clients!’

Tim Andow provides an overview of the opportunities cloud accounting software can give to a practice to become more efficient and profitable. Tim highlights that there are many benefits to cloud accounting software, both on the time-saving aspects and on the ability to provide more proactive services to clients through timely tax planning and other related services.

Non-tax feedback is always welcome too! In the July issue a couple of readers spotted that the image used in the article ‘Stock in trade’ had the union flag upside down – we are fortunate to have such engaged and eagle-eyed readers!

Where your feedback can have its biggest impact is when it becomes part of our consultation responses. MTD has been an area where CIOT, ATT and LITRG have been particularly engaged and now is the time to start to think about the impact that the requirement to have digital records will have on VAT compliance. As Angela Fearnside highlights, although 99% of VAT returns are filed online, only 12% are via software. For more on this subject I recommend the CIOT’s blog posting, ‘Analysis: VAT at the vanguard of Making Tax Digital’.

Two areas that the technical team would appreciate comments on in September are the Office of Tax Simplification’s focus paper on disincorporation relief and HMT’s consultation on Financing Growth in Innovation Firms.

The Joint Professional Standards Committee is currently working on guidance for members to help them with the way they present themselves in their websites in light of the latest version of the Professional Conduct in Relation to Taxation (PCRT). The committee is keen to receive feedback from members of any areas that they are unsure of since the new standards of tax planning were introduced. Jane Mellor provides guidance on how members can bring their websites in line with the PCRT rules.

If you have any feedback please do email either myself or Emma Reitano.