Digital tax overhaul could generate £46 billion for UK economy

According to research by Volterra Partners government-led digital tax initiatives, such as Making Tax Digital (MTD), could boost the UK economy by £6.9 billion a year, or £46 billion over a five-year period.

It said companies may struggle at first with adjusting to the new tax laws, but after the first hurdle it should streamline the process as they apply new digital tools which will help them adapt to the changing demands.

MTD will have the biggest impact on sole traders, with an average annual gain of £1,900.

The biggest gains will be for businesses in London and the south-east, whilst the manufacturing and retail sectors will be the most positively affected verticals in the UK.

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