Accountants will have time to ensure clients are digital ready before first filing deadline
The development of an App-driven MTD solution by MyFirmsApp, the world leader in App and mobile technology for accountants, is on track for completion in Q2 2017.
The new MTD solution, which is being built with the help of the MyFirmsApp community and with advice from leading organisations including ICPA, will sit on the client’s Phone or Tablet and will not require any prior accounting knowledge. It is aimed specifically at clients with simple affairs, that are typically non-VAT registered and don’t employ staff and for whom, digital record keeping is a likely to be a completely new experience.
MTD presents an exciting opportunity for the profession with the very real potential to enhance the role of the accountant into the necessary real-time tax advisor. By providing clients with a single simple App, the accountant can retain that trusted advisor status that is capable of being eroded by MTD.
Joel Oliver, CEO, MyFirmsApp comments: “Despite the announcement earlier this month by HMRC that there will be a one-year delay in the introduction of MTD for businesses with turnover below the VAT threshold, our development plans remain unchanged. We believe that it is important that the tools to manage MTD are made available at the earliest opportunity as accountants face a huge challenge to get their clients digital ready.”
“Small practice accountants everywhere are concerned for what HMRC call their ‘Straightforward clients,’ adds Tony Margaritelli, Chairman, ICPA. “They keep manual records or use their own spreadsheet and for some it’s just a bag or box of receipts. How are they to cope and how can we help without trying to teach them bookkeeping or using expensive software? That’s where an App will come in because it will be simple, will need no expertise BUT importantly will allow our members to retain their overriding control of their clients’ tax affairs. That’s why the ICPA are working with MyFirmsApp to develop the best product available.”
One of the key benefits of the MTD App-driven solution is that paper records will become redundant as all data concerning receipts and income are stored securely in an Amazon powered server and are available from any computer, phone or tablet with Internet access.
Justin Mays, Head of Research and Development, MyFirmsApp says: “We are working closely with HMRC and are developing the system to integrate with HMRC’s new API platform so the accountant can view and amend the data collected by clients and be responsible for all submissions to HMRC. Our development plans include an enhanced Client Control Centre that essentially becomes the ‘middle man’ between the App, the client and the Accountant. The potential is enormous.”