Hundreds of thousands of people need to submit their first quarterly report to HMRC this week as Making Tax Digital comes into effect during the summer holidays. On the This is Money podcast, hosts Georgie Frost, Simon Lambert and Lee Boyce covered what people need to know about the changes, including how to find the right software, who must start using it and whether it will reduce the tax gap.
A retirement giant has also warned that the government's inheritance tax raid on pensions next year will undermine faith in saving long-term for later life. The presenters discussed whether savers should be worried about the changes or keep calm and carry on with their pension contributions.
Premium Bonds and overseas spending
This week, a Premium Bonds £1million winner scooped the top prize with a bond bought only six months ago. Lee Boyce revealed whether winning the seven-figure sum so quickly is unusual or if many people win the top prize shortly after buying bonds.
The presenters also gave a reminder about the dos and don'ts when spending overseas on summer holidays, including how actor Will Ferrell connects to the advice.
