Just weeks after the Chancellor’s Spring Budget, the Treasury will hold what is being dubbed ‘Tax Day’ on 23 March.
A raft of consultations which relate to tax policy, but that do not impact upon Government finances, will be released together on this date.
Tax Day to bring greater transparency
Whilst not ground-breaking, it is a decision which should allow for more transparency and greater scrutiny of documents; documents often overshadowed by other important Budget announcements. Ultimately, this should serve to improve policy-making.
We are likely to see consultations dealing with tax administration, whilst others may set the tone for an Autumn Budget.
Arguably, Tax Day could prove to be as important as the main event, for businesses and individuals.
It will be interesting to see how the government propose to modernise the tax administration system; especially with remaining VAT-registered businesses, as well as many other self-employed businesses and some landlords, being required to follow MTD in the coming years.
Considering the unprecedented spending on COVID-19, we may also begin to understand the Government’s intentions in relation to any future tax rises. – Sarah Dixon, Tax Manager
How can George Hay help?
We await publication of these consultations with interest.
If you have questions or concerns, in the days after, we encourage you to contact us. Our team of chartered accountants, tax specialists and business advisers, operating in Cambridgeshire, Bedfordshire and Hertfordshire, can explain what any developments mean for you.
Our Budget Summary is a great place to start, to first familiarise yourself with the Spring Budget announcements.
