Multiple agents for MTD ITSA will be permitted
New guidance introduces the concept of using multiple agents to manage your MTD account. The guidance outlines the role of a “main” agent and that of “supporting” agents, where different agents are used to complete different functions. For example, a bookkeeper may be used to complete quarterly updates whilst a separate tax advisor finalises the year end position and submits the self-assessment return. In this example, the bookkeeper is a supporting agent, and the tax advisor is the main agent.
HMRC has prepared a useful table to show what a main agent can do, which is almost everything, and what a supporting agent can do. The supporting agent’s access is limited to the sole trade and property businesses, such that they cannot see details of non-business income. It isn’t necessary to have multiple agents to manage MTD, but the option is there for those who need it.
Related Topics
-
Should you agree to your customer’s self-billing request?
A customer wants to adopt a self-billing system, meaning they will issue invoices on your behalf and charge VAT or otherwise. Can you refuse their request and what are the risks of accepting?
-
Travel expenses - exempt or not?
You have several employees who travel from home or their workplace in the course of doing their job. Naturally, you meet the cost of their travel but should you be deducting tax and NI from the payments, or are they exempt?
-
Lending to a relative - avoiding the tax trap
Your daughter needs financial help to get her company started. You’ve agreed that your company will lend her the money. Your accountant says that this will trigger a tax charge. What is the charge and how can you legitimately dodge it?