ChatCBT has taken the world by storm this year, and I recently saw that a taxpayer had used an AI tool, like ChatGBT, in a court case, and nine tax cases put in front of the judge were fake.
I find this quite funny.
What was going through this person’s mind? And surely it was obviously going to end in disaster?
Saying this, about a month back, I was introduced to the concept of a ChatGBT but for tax.
This got me thinking – can AI actually play a part in our roles as tax professionals, even when it comes to the tax element?
This is where Nick Stobbs, this episode’s guest, comes in.
Nick co-founded Tax on Demand (ToD), a tax technology company that specialises in AI, and they are in the process of developing a tool called Co-pilot that will give you the answer to any tax question, along with citations.
He shares how you can use AI tools like Co-pilot to help you in your tax research so that you can start integrating it into the way you work, saving hours of time and decreasing the chances of you missing vital information, and not get left in the past.
Click play above to hear all about it!
Note: Co-pilot currently in pilot stage and it only covers HMRC manuals, but even in its current form, it’s impressive. And it will only get better, when it is finalised and other sources of tax information are added. You can access Co-pilot for free in its current form.
Guest – Nick Stobbs
Website: https://www.tod.tax/
LinkedIn: https://www.linkedin.com/in/nick-stobbs-tax/
Timings
- About Nick and his involvement in the tax world
- (9:15) Information about Co-pilot – the ChatGBT equivalent but for HMRC manuals – including what it is and how it works
- (12:15) What is a ‘large language model’ and what is ‘RAG’ (retrieval augmented generation)?
- (19:00) How does Co-pilot benefit tax advisors?
- (23:00) Is AI good enough to find the answer to complex tax queries?
- (25:00) A bit about use cases of Co-pilot and tech in tax
- (29:15) Could AI dilute tax specialisms or reduce the amount of jobs?
- (38:00) How Co-pilot is different to the online digital resources like Croner’s Navigate
Resources
Tax Research Masterclass (link to business case in the full details)
Free access to the current version of Co-pilot
Master using tax legislation
I know first-hand that using and interpreting legislation can be challenging – even more so where there are ambiguities. And I think this scares people from learning how to use it.
To me, that’s a huge shame and a mistake. And it’s why I cover tax legislation in detail in the Tax Research Masterclass.
I want you to able to find, use and interpret relevant tax legislation at work.
I want you to be confident in using legislation and get the huge benefits that using legislation brings.
Details for the masterclass can be found here.
The next one is scheduled for February 2024.