'Making Tax Digital' and Bank Charges
Summary
Moneybox investigates the new "Making Tax Digital" system, requiring sole traders and landlords to file taxes quarterly using approved software, drawing concerns from those affected about increased work and costs. The episode also highlights the plight of small community groups facing new bank account charges, impacting their fundraising efforts, and discusses potential solutions. Finally, it delves into the government's efforts to rectify state pension underpayments, focusing on the complex issue of Home Responsibilities Protection for mothers who cared for children, and advises listeners on how to check their eligibility and claim.Episode description
Hundreds and thousands of sole traders and landlords are facing a significant change in how they file their tax returns. In less than a year 800,000 people with a turnover of above £50,000 who fill out self assessment tax returns will have to fill out summaries four times a year, and then do their final self assessment too. It's all part of something called "Making Tax Digital". Paul Lewis interviews James Murray who is the Exchequer Secretary to the Treasury.
Hundreds of millions of pounds has been paid out to people who were underpaid their state pensions. We'll discuss who they are, and talk about another group of people who could be eligible but haven't claimed.
And, listeners who volunteer with community groups like film clubs, girl guides and charity fundraising groups have been contacting Money Box upset over new charges they're facing to use their bank accounts. What options are there for those affected?
Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Eimear Devlin and Jo Krasner Editor: Jess Quayle
(First broadcast 12pm Saturday 24th May 2025)