This morning, owners of many local Wolverhampton small and medium businesses attended a successful event with representatives from HMRC, hosted by Rob Marris MP with Emma Reynolds MP (Wolverhampton North East) and Pat McFadden MP (Wolverhampton South East).
The event was jointly hosted by the Wolverhampton MPs. It gave a great opportunity for local businesses to learn about changes being made to the tax system under the plans known as Making Tax Digital (information is available here) and how these plans might affect the running of businesses.
Business representatives heard a presentation from HMRC lead officer Julian Hatt, before engaging in a comprehensive question and answer session about the plans. Feedback to the plans will form part of HMRC’s ongoing consultations on the programme, and submissions can still be made to these consultations (available here) until 7 November 2016.
Making Tax Digital plans include a requirement from April 2018 for businesses to maintain tax records digitally and to update HMRC quarterly. HMRC says that Making Tax Digital will introduce “simple, secure and personalised digital tax accounts.”
Rob Marris MP, Labour MP for Wolverhampton South West, said: “We organised today’s event so that Wolverhampton businesses would be able to find out first-hand about the changes that will affect them, and so they could have the opportunity to respond in person.
“Today has been highly informative and it seems that local businesses have found the session fruitful. I would encourage all local businesses to look into the Making Tax Digital plans before the new measures come into force to avoid any unexpected surprises later on.”
Pat McFadden MP, Labour MP for Wolverhampton South East, said: “As local MPs we know that working with local businesses is an important part of our job. We all want Wolverhampton to be a good place in which to invest, grow a business and employ people.”
Emma Reynolds MP, Labour MP for Wolverhampton North East, added: “Today’s event was an excellent way for local businesses to have their say on changes being made to the tax system. Wolverhampton’s local businesses are vital to the city’s future and economy, and we must support them so that they can prosper.”