We would like to thank everyone who attended our Herts IOD breakfast seminar this morning. Once again, the turnout and company was excellent, and the bacon rolls weren’t too bad either.
It seems that Making Tax Digital will become a reality whether we like it or not, so it was only appropriate for our Head of Private Clients, Rebecca Potton, to walk us through the changes we can expect.
Making Tax Digital is the government’s initiative which aims to create a more accessible and transparent tax system. By moving record-keeping online, they hope to reduce mistakes and under- and overpayments. This government believes that with so many of us shopping, working and interacting online, this was the next ‘natural step’ for the tax system.
Finer details are anticipated to be revealed in the Chancellor’s upcoming Budget, with the final legislation confirmed in the 2017 Finance Bill. Once the system is fully implemented in 2020, it should channel an additional £2 billion to the Exchequer.
If you have any questions, ask Rebecca, because we’re not sure how helpful “Ask Ruth” (HMRC’s assistant) will be.
For those that would like to find out more about the Chancellor’s plans for Making Tax Digital, you can join us at our annual Budget Breakfast by booking a ticket here. And for those that would like this morning’s slides, click here.
Next meeting: Hert Talk Breakfast on Friday 24th March at Lumina Technologies