The end of the tax return as we know it

Read Moore and Smalley LLP's new Small Businesses blog focusing on tax returns.

Posted by Liz Cliffe

Thu 23rd, Apr

The government’s vision to modernise the tax system is going to change the way we all complete and file tax returns. The number of paper returns being filed has decreased substantially over the last few years and in the latest budget steps are now been taken to “join up” the information HMRC receive.

By early 2016 it is predicted that 15 million taxpayers will be set up with digital accounts and by 2020 it is hoped that 50 million individuals and small businesses will have a digital tax account.

HMRC will gather information from employers, banks and building societies and these will link in with these new digital accounts allowing individuals and their advisers to access the information and add other income details such as trading profit/loss figures, rental figures etc . It is likely that further down the line these figures will link in from online software providers but the detail of this is not yet known.

The online system will work in a similar way to online banking, a secure environment where duplicating information will become a thing of the past.

Taxpayers will be able to let agents manage their digital accounts on their behalf and individuals will be able to access the same information as their agents.

To find out more on the subject, please contact Liz Cliffe on 01772 821021.

 

Leave a comment

Give Your Business Utilities a Refresh for 2020

Mon 20th, Jan

January is a time for reflection for most people and this includes business owners, with the new year bringing with it an opportunity to take stock of performance during the past 12 months, create goals for the year ahead, and ensure...

The Inspired Energy Journey: Building a Business to Meet Diverse Needs

Mon 20th, Jan

Since its inception back in 2000, Inspired Energy has been working tirelessly to build the most complete utilities management solution available – a solution that can meet the diverse needs of businesses of all sizes and across all sectors.

What did the Millennium Bug teach us about cybersecurity?

Thu 09th, Jan

It’s hard to believe that two decades have passed - but 20 years ago the world was celebrating a momentous non-event. We remember it well!

Why Should You Check Your Business Energy Bills?

Wed 18th, Dec

Business energy bills are complex, there’s no doubt about that. With a widening range of non-commodity costs now taking up a majority share of the invoice, it can be be both confusing and time consuming to effectively recognise whether your...

Green Energy – Going Green Doesn’t Have to Cost the Earth

Wed 18th, Dec

In the third quarter of 2019, electricity generated in the UK via renewable energy sources surpassed electricity derived from fossil fuels for the first time.