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Experience down under
KEY POINTS
- Move to digital reporting in Australia started with GST in 2000.
- Advisers in Australia have much wider access to client accounts than in the UK.
- Digital reporting was encouraged in Australia rather than mandated.
- Firms have time to offer simple as well more complex advice because digital reporting has reduced time spent on compliance.
- Many businesses large and small could see great advantages from moving to cloud-based accounting systems.
Since the UK government proposed Making Tax Digital (MTD) there have been concerns from the major software suppliers that details for the necessary application program interfaces (APIs) have not been produced soon enough to allow development work of the scale needed. HMRC has also been insisting that free software will be available to businesses...
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