HMRC software supplier list for MTD grows (slightly)
One of the speaker sessions that I particularly enjoyed at Accountex 2018 was by the HMRC's Heather Elliot.
The title of her talk wasn't all that snappy: "To Raise Awareness of, and Engagement with MTD... (wait, it's not finished yet) Specifically in the Area of VAT and ITSA."
Yet Heather, who is part of the (also unsnappily titled) Customer Readiness and External Stakeholder Team (CREST) in Making Tax Digital for Business, did exactly that. She raised awareness of MTD ... and in an entertaining, informative and level-headed way.
Show of hands
Towards the end of her session, Heather asked the audience for a show of hands from those who had signed up for the HMRC's MTD updates on the gov.uk website. I was pretty surprised when only three or so from an assembled 70 or so raised there hands.
I think Heather was, too. Although I'm sure a few more accountants will be signed up for the updates now. Because Heather said we should prepare for some pretty important MTD VAT and income tax pilot announcements "over the next couple of months".
HMRC MTD software and VAT pilot for agents
In the latest update, posted last week, there are a series of videos and webinars on MTD. For instance, there's a YouTube video about the basics of the Making Tax Digital pilot for Income Tax. Or you could catch up with the latest available webinar about the agent services and income tax pilot. Or you could check out the latest webinar about the VAT pilot for agents.
Another development comes in the shape of an additional two company names to the HMRC software supplier list. Joining IRIS and Rhino are Absolute and Forbes.
Forbes was established in 1993 by David Forbes and is based in Milton Keynes. The company produces a range of taxation and other software, aimed at the
accountancy and legal professions. "All our software is written specifically for Windows," the group says.
Research and development
"We also remain dedicated to research and development. It is not our policy to let other people bear the brunt of research and development costs."
Absolute Accounting Software was set up by Tim Good and Giles Mooney in 2010. The Oxfordshire group says: "We supply tax and accounting software to over 3,000 customers ranging from sole practitioners to multi-office firms of accountants. The aim of the company is to deliver best of breed software at the most competitive prices backed up by the best support team in the market."
Both suppliers feature: digital record keeping; updates to HMRC for self-employment; updates to HMRC for UK property (excluding furnished holiday lettings); and tax estimates from HMRC based on provided updates.
Heather expects more names to be added to the list soon...
Three tasty takeaways from Accountex 2018
Two days. Hundreds of seminars. Thousands of accountants. We’ve all had the bank holiday weekend to catch our breath from attending Accountex— the event of the year for accountant and finance professionals.
This year we saw an array of new and improved technologies, products and services. We at Spotcap attended a wide range of talks and presentations, in addition to giving our own on alternative finance. The highlight however is always the one-to-one conversations the team has with existing and potential partners.
Here, I share just a few of the interesting takeaways from the discussions I had at this year’s show:
Products and services are changing. How do accountants choose? Cloud, automated data entry, alternative finance. Most of the accountants I met with are familiar, and often very knowledgeable, about the many new service offerings brought to market. The key challenge for them is to figure out who to work with. Since there are several providers in each product and service category accountants need to invest in understanding the differentiation between what is on offer. As a result some service providers focus on a specific niche— from online automated payroll or unsecured lending.
Becoming an accountant-adviser. Everyone is looking to raise the bar of what they are doing. Independent smaller accountants in particular are looking to diversify their offering. The goal is to become a one-stop-shop for advisory services— to be an accountant and an adviser, not just someone who manages the book keeping and financials. Funding of course is an important part of the new bundle of services that help accountants meet this goal.
The future is digital. Technology is growing in importance and it’s clear that Making Tax Digital is the next big thing after GDPR. It seems to me that MTD is acting as a catalyst for technology adoption. I wouldn’t be surprised if it has a knock-on effect on practices, pushing them to think digitally across the board. It will likely make them more open to new technology, services and change in general. As a result the whole landscape will become more efficient.
Ultimately, Accountex is very much about taking the time to think about the direction you are taking long term. It’s also a good reminder for accountants and service providers alike that they aren’t the only players in town. Everyone needs to plan for what comes next and how they will continue to provide value to their clients. The challenge - and it’s an exciting one - is to combine the financial knowledge and tech available, to help Britain’s businesses become more efficient, productive and successful.
Accountancy’s top show punches above its weight
From the announcement of important company takeovers, to soaring visitor numbers and boxing glove freebies, Accountex packed a big punch in 2018.
The UK’s leading exhibition for the accounting and finance profession was on record-breaking form with over 7,600 attending the show at ExCeL London on 23-24 May.
That was more than 8% up on last year’s event – and it came less than three months after the blisteringly successful launch of Accountex Summit North in Manchester.
- Tesla and TaxCalc were among the 200-plus state-of-the-art exhibitors.
- There were more on-trend speaker sessions on subjects ranging from Blockchain to business development.
- The British Accounting Marketing Awards enjoyed a successful launch.
- There were fascinating Hot Topic Roundtable discussions led by industry thought leaders such as Elaine Clark and Guy Pearson.
- And there was an even bigger buzz than usual!
Accounting media scrambling for their iPads
The first day was set alight by the news that accounting software giants IRIS had dramatically taken over Taxfiler, which had the entire accounting media scrambling for their iPads and notebooks.
HMRC’s digital chief Theresa Middleton kept up the momentum by delivering a compelling Keynote session on the MTD challenges facing the profession.
She was supported by a wealth of insight, expertise and innovation as 225 speakers spanning the generations delivered CPD-accredited sessions in 20 packed theatres over the event’s two days.
Veteran inspirational speaker Paul Dunn, who addressed the first Accountex in 2012, has been delivering his message about how businesses can change the world for good since the 1990s. But he still has the power to captivate.
Impact of Blockchain
And equally absorbing were the new breed, spearheaded by the likes of Steve Briginshaw and Aynsley Damery. Steve and Aynsley, of the Clarity Project, spoke to a packed Tech Theatre about the impact of Blockchain and cryptocurrencies on the accounting profession.
n the exhibitor front, accounting market leaders such as Intuit QuickBooks, Sage, IRIS, FreeAgent and Wolters Kluwer were joined by Accountex newcomers such as Logical Office, Aon, Spendesk, Campaign Master, Senta and NatWest’s Aptimise.
Zoe Lacey-Cooper, event director, says: “This was the second year of Accountex being under the control of Diversified Communications and we are delighted to have notched up a second year of growth in terms of visitors, exhibitors and speakers.
Encourage more women to speak
“This year we had a sharp focus on new speakers (50 of them) and we were also keen to encourage more women to speak. We hopefully achieved a tailor-made programme for the tech savvy, the curious, and the cautious, as well as a bespoke agenda for accountants in business and industry.
“An amazing 45% of exhibitors were brand new to the show, which demonstrates the strong growth of businesses in the profession.
“And, of course, we are thrilled about the 8.5% increase in visitors after investing in a social media marketing campaign, as well as launching Accounting Insight News to attract new interest and millennials to the show.
Growing accounting portfolio
“With our growing accounting portfolio following this year’s successful launch of Accountex Summit North in Manchester, all eyes are now on 2019, where we aim to build on the relationships established with new supporters such as ICAEW and HMRC.
“Next year we plan to have even more new speakers; we want to look at the profession internationally; and we’d like to see a growth of the BAMA awards. Our focus will remain on MTD with the clock running down to April 2020 and strengthening Accountex’s global and UK brand. And last but not least, we’ll also hold another visitor advisory board to see what the profession wants from the show in 2019.”
But we’ll save the last words for our visitors who again flocked to the show.
An amazing experience
Nicola Donnelly, from MEND Accounting in Liverpool, sums it up: “It was an amazing experience. Being a sole practitioner, I learn mostly by reading articles online. So I was impressed by being able to speak to multiple software providers and their customers at Accountex.
“Seriously, if you didn’t go to Accountex this year you really are missing out… I couldn’t wait to sign up for some of the software when I got home. I have dates in my diary all week for calls with different providers!”
She adds: “I still can’t believe I got all this CPD, access to speak to all these software providers, network with hundreds of accountants and bookkeepers at many different stages in their journey, huge motivation and inspiration and the books… So many free books. All for free! I’ll definitely be at the next Accountex. My only issue will be how I can split myself in ten so I see all the speakers.”
Accountex 2019 will be back at ExCeL London on 1-2 May. Accountex Summit North will take place on 10 September 2019 at Manchester Central.
For further information, please visit www.accountex.co.uk or www.accountexsummitnorth.co.uk.