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9am Lowdown

9am Lowdown: ATT urges HMRC to revise MTD timetable

12th Jul 2016
Editor AccountingWEB
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Good morning. Here is this morning's 9am Lowdown.

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ATT urges HMRC to revise MTD timetable

The new ATT president has used his inaugural speech to urge HMRC to revise its making tax digital timetable implementation by at least one year.

Calling for staggered approach to releasing the consultations, Pettengell said: “Rushing ahead with this project without allowing adequate time for the consultation and testing phases could put at risk the many potential benefits for taxpayers and HMRC which greater digital working can bring.”

Although he admits digitalisation will bring major changes, Pettengell reassured the ATT members that the tax body will “provide relevant support” to ensure they are “ready for digitalisation”.

CPD support

Ralph Pettengell promised additional resources for ATT members during his inaugural speech, pledging to make the government’s making tax digital the central focus of his presidential year.

Pettengell vowed to support ATT members with a raft of relevant CPD events, including webinars, and he plans on placating the fears of members worried about losing income streams. The tax body’s CPD response to the changing tax landscape will also extend to Brexit, with Pettengell saying that although the vote creates uncertainty, it also “creates many opportunities for tax practitioners”. This means more need for skills and relevant CPD to respond to any changes.

“I want to use as many tools as possible, to spread as much knowledge as possible,” he said.

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HSBC escaped money laundering prosecution

HSBC avoided money laundering prosecution in 2012 because US officials and George Osborne feared it could result in a “global financial disaster”.

According to BBC news, a US congressional report revealed Osborne sent a letter to the Federal Reserve chairman saying action against the bank could have “serious implications for financial and economic stability, particularly in Europe and Asia".

The bank was accused of allowing drug cartels to use accounts to launder $881m.  

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Any Answers question of the day

This morning’s Any Answers question of the day comes from FristTab who asked the community whether their client communication is predominantly through email and phone or do they incorporate annual face-to-face meetings into their communication schedule.

The response so far has been mixed. Some members such as i-accounts discussed the geography difference obstructing face-to-face meeting. Instead, they said, indepth conversation often happen over Skype, but most of their clients are often “too busy”.

Meanwhile, Jennifer Adams suggests face-to-face meetings hinge on whether you live near your clients, recalling a partner she once worked for insisting he “saw most of his clients once a year and it was his duty to spend time with them, going through the past accounts, keeping up to date with what they are doing and plans for the future”.

What do you think? Has time now changed? Are face-to-face meetings a generational thing or are they part of giving a personal service? Head over to Any Answers to join the discussion. 

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