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
-
EVs and the tax-free mileage allowance
You’re a director and regularly use your electric vehicle (EV) for business journeys. Your company provides a workplace charger which is free for all staff to use. Does the origin of the electricity impact your claim for tax-free mileage?
-
HMRC loses employment status case involving football referees
HMRC has lost another employment status case, this time involving football referees engaged by Professional Game Match Officials Ltd (PGMOL). The tribunal rejected HMRC’s argument that the referees should be treated as employees for tax purposes. Why does the decision matter?
-
Investing: loans vs shares
You have the opportunity to invest in a promising start-up company. You can either purchase shares or lend it the money. What are the potential tax consequences you need to factor in when making your decision?