We came across an interesting little fact recently about MTD. Apparently, MTD has caused a number of accountants to actually start looking to sell their practices! ICAS saw a 300% uptick in people looking for advice about selling once MTD actually became a reality, especially in the world of sole practitioners.
Now, here at AIMS we know quite a bit about being sole practitioners. The majority of AIMS Accountants are operating on their own, albeit with support from AIMS. So, the question we have here is this – is this really the hill that accountants are choosing to die on?
As we’ve said many times before, MTD really shouldn’t be a difficult subject for accountants. Technological improvements should be welcomed – it’s 2019, the idea that there isn’t a proper software solution for many types of taxes is somewhat mind-boggling. If accountants are so afraid of MTD as to quit, then perhaps that is an indication that it’s time for the accounting world in general to undergo a major overhaul?
MTD has been around for nearly 3 months now. That’s more than enough time for businesses to adapt to the new changes and prepare for the future ones. Quitting accounting because of MTD hurts both accountant and clients alike!