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MTD VAT Extra Tax

HMRC has rcently announced that an estimated additional tax of £195 million has been collected following the introduction of Making Tax Digital.

HMRC stated that the additional tax resulted from a reduction in errors on tax returns.

We would expect the introduction of MTD to have a net zero impact on tax collected, as any accidental errors on information included on tax returns would be equally likely to be overstated tax as undertstated tax. Perhaps the additional tax collected may have arisen as a result of previous deliberate tax evasion no longer taking place.

 

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