AI - is it the answer to everything?
Updated: Nov 17
There’s no getting away from the fact that it’s all about AI at the moment – it was even the Collins Dictionary’s Word of the Year 2023! (There is, of course, a debate to be had as to whether “AI” is strictly a word but that’s a whole other discussion …)
So, is AI the answer to everything or should we be erring on the side of caution?
We’ve come across a couple of examples recently of individuals using AI to find the answer to a tax question. In both cases, the information provided was not up to date and, in one case, related to a completely different area of tax.
The trouble is, unless you are using the latest version of your chosen AI provider and, of course, you’re asking it the right questions, there is a real risk of acting on incorrect or out of date information! Now, this may not be too serious is you’re asking about something pretty basic or unimportant, but if you are relying on it giving you the correct answer to a tax query, the repercussions of filing an incorrect tax return could be very expensive and we doubt HMRC would accept “it was AI’s fault” as a reasonable excuse – don’t forget, it is the taxpayer’s responsibility to ensure their tax position is correct.
So where does this leave us as 2023 draws to a close?
Whilst we believe that AI does have its place in the future, there is – certainly for now – no real replacement for seeking out a qualified accountant or tax adviser and employing them to get it right for you! Yes, we will charge for our services, but you are paying for our expertise and experience.
We are always happy to have an initial chat to see how we can help, so do get in touch!