Networking Lunch and Talk

Event report

Members of the Lincolnshire Society met for a networking lunch and a very informative, well-presented talk entitled ‘Making Tax Digital for Income Tax’ by Ewa Prokop at the Wig & Mitre in Lincoln on 5 February 2022. 

Ewa talked about getting ready for Making Tax Digital - a new scheme already introduced by HMRC for VAT-registered businesses and planned for Income Tax from 6 April 2024. MTD was supposed to start in 2023 and was delayed by one year due to Coronavirus. It involves using HMRC compatible accounting software and Ewa explained the pros and cons of starting to use this software now to get ready for the changes, as well as describing how to submit quarterly updates through the Government Gateway. She gave examples of a number of the software packages which are already available on the market and described how sample pages would appear on our computers, as well as the way in which invoices and receipts would be scanned into the system. Each attendee was given a presentation package containing a summary of the information covered in the talk and Ewa answered fully all the questions posed by the attendees. The talk gave us an invaluable insight into how the new system and its deadlines will work. 

Candia Hillier DipTrans MCIL
Chairman of the Lincolnshire Society