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
-
Homeworking: claiming input tax on subsistence expenses?
Some of your staff work remotely, but their homes aren’t suited to it. You have agreed to pay for rented office space, or for refreshments if they work from, say, a café. Can you claim input tax on these expenses?
-
Beating the landlord tax hikes
Once again, landlords will be hit by tax increases announced in the Budget, even if they are operating through a company. What are the changes, and can anything be done to mitigate them?
-
Electronic VAT return