‘Fiscal drag’ – a post Budget observation

VAT Director Gilly McGill was a little disheartened after the Autumn Statement, as she initially thought the revisions on VAT were lacking. However, a post budget discussion with Tax Partner Dominic Carter brought the impact of fiscal drag to the table which, on closer inspection, will have implications across all taxes. In this episode they discuss inflationary impact, the increase in businesses brought into VAT registration, Capital Goods Scheme reporting, Making Tax Digital and, ultimately, what the impact of fiscal drag means for the level of tax paid by businesses and individuals.

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