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
-
Are buy-to-let companies worth the hype?
There’s no doubt that landlords have been on the receiving end of multiple tax hikes in recent years. So called “property experts” will tell you that the best tax-saving strategy is to operate through a company. Are they right?
-
Electronic VAT return
-
Tax relief for lending to your company
You can usually claim tax relief for money you borrow personally to lend to your company. It sounds straightforward but there are in fact a number of restrictions to trip you up. How do you secure the tax relief?