The End of the Tax Return
Category: Tax & Uncategorized
The Government (HMRC) intends to modernise the tax system, with tax returns being replaced by digital tax accounts for millions of individuals and businesses. Each taxpayers’ details will be in one place, just like an online bank account, so they can register for new services, update their information and understand quickly what they need to pay — without ever having to complete a tax return again. By early 2016, five million small businesses and the first ten million individuals will have access to a secure, personalised digital tax account. By 2020, more than 50 million individuals and small businesses will have a secure, personalised digital tax account. The need for millions to complete a tax return will be gone and the tax system will be simplified for millions more.