Enough is enough.
As a profession we have put up with all the stupid initiatives heaped on us over the years, but really MTD ITSA is the final straw.
A firm can have hundreds or thousands of tax returns to file annually and currently has between April and January to get them all done, which is barely manageable, but we are used to it and the system works.
Now we are expected to file them quarterly. They are not simply 'updates', they are tax returns. Don't be fooled into thinking any initial concessions to allow estimates, or rubbish to be filed will last.
This is just not feasible. It will be January every few months.
What are we supposed to do? Quadruple our fees? Quadruple our staff? (can any firms even manage to recruit anyone at this time?) Sack 75% of our clients? Who else would even have capacity to take them on?
This is going to take a wrecking ball to the entire profession and the taxpaying public. We are sleepwalking into an almighty mess and nobody is doing anything about it.
We have heard this week that the professional bodies have written to the Government expressing their 'support' for the proposals but merely urging 'delay'. Support? Delay? This thing needs strangling at birth.
I am loathe to say trade union, but is it now time that some sort of professional accountants association was formed that takes a more confrontational approach and loudly and rudely calls out this BS?