• Register
Return to: Home > News > Making Tax Digital tops the Accountex agenda

Making Tax Digital tops the Accountex agenda

Legislation for Making Tax Digital (MTD) was removed last month from the Finance Bill 2017, yet it has topped the agenda of the sixth edition of Accountex, as professionals remain aware that it is still on schedule to arrive by 2020.

Held in London in the first week of May, Accountex brought together accounting professionals and accounting technology companies to tackle issues such as: MTD, Brexit, apprenticeships, cybersecurity, decision making, risk management, business value, investment, artificial intelligence, robotics, regulation guides, automated accounting systems, digital transformation and moving to the cloud.

Making Tax Digital has been on the minds of the accountancy professionals in the UK since its conception in 2016. It has raised a lot of concerns over the changes required to adhere to the new system that HMRC intends to implement by 2020. Businesses will be required to keep digital records, tax adjustments to income and expenditure, to submit quarterly updates as well as a year-end declaration for income tax and VAT.

In a survey by FreeAgent of 300 accountants, which was displayed at their exhibit, the results found that 98.5% of accountants think that their clients are not prepared for MTD, and it also found that many accountants do not feel like they have enough information themselves to prepare their practice.

Speaking to International Accounting Bulletin a lot of delegates said they found the focus on MTD useful, however, some accountants lamented that other topics had been given less attention. “I was surprised to see so much at Accountex focused on Making Tax Digital this year as there isn’t any information we haven’t heard already,” A delegate confided.

One of Accountex’s theatres was entirely dedicated to MTD, with specific seminars all day across both days of the conference. In one of those seminars, Chartered Institute of Taxation (CIOT) head of tax technical team Richard Wild warned the audience that MTD had not been scrapped or shelved , but that the pilot will continue but will be delayed and with no change to the timetable.

Many accounting software companies were present at the event, including the largest three Xero, Sage and Intuit Quickbooks. But all, largest and smallest alike, were keen to showcase how their software packages specifically created for MTD or other automated solutions such as tax calculators, accountant directories, connecting advisors to clients, as well as bookkeeping and payroll could help accountants.

With heightened interest from the profession in digital solutions driven by regulatory compliance requirements, and a proliferation of service providers, the competition amongst software providers promise to be fierce in the years to come.

Top Content

    Q&A: Code on managing risk in UK financial services revamp

    Following the UK Chartered Institute of Internal Auditors (CIIA UK) release of its updated code on managing risk in UK financial services, CIIA UK policy and external relations director Alisdair McIntosh discusses the changes to the code and how it aims to strengthen the internal audit function within companies. Interview by Vincent Huck

    read more

    French accountants pledge to tap into the advisory market

    The French professional body for accountants (Ordre des Experts-Comptables – OEC) launched its annual congress with 4,800 delegates in attendance, it is the OEC’s 72nd congress and this year the focus is on advisory.

    read more

    Non-financial reporting: the delayed revolution

    The now old debate about non-financial reporting has become more pressing for European accountants and firms, since the European Commission adopted guidelines specifically on this in June. Though the guidelines are not binding now, larger companies will have to comply with them by 2018. The aim is to allow investors as well as the wider public to compare data about social and environmental responsibility of the businesses they are investing in or supporting.

    read more

    Editor's letter: Big four, Big spin

    Tourists roaming the South African national parks generally have stars in their eyes at the mention of the Big Five. In safari terms, the Big Five are the poster boys of tour operators: the lion, the elephant, the Cape buffalo, the leopard and the rhinoceros. The term Big Five originates from hunting; those five animals were considered the hardest to hunt on foot in Africa.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.