Our website uses cookies to enhance the visitor experience (what's a cookieCookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.). Are you happy for us to use cookies during your visits?
Please note: continuing without making a choice equates to giving us your consent, which you can withdraw at any time via our cookies policy page.

Fresh thinking and a Personalised Approach

Concentrate on what you do best!

Professional, Approachable, Forward Thinking

We are here to support you and your business

Not your typical accountants

Freeing you up to do what you do best!

Freeing you up to do what you do best!

Freeing you up to do what you do best!

 

 

Budget 2015 – The end of the Tax Return as we know it?

The end of the Tax Return as we know it!

The end of the Tax Return as we know it!

Making Tax Easier – The end of the Tax Return as we know it?

As part of the 2015 Budget Report on Wednesday 18th March, the chancellor proposed plans to replace the annual Tax Return with an “online digital account”.

HMRC are planning to offer taxpayers a real-time view of their tax affairs and pay any tax they owe without having to give information to HMRC that in theory it already holds. By early 2016 it is claimed that around 10 million individuals will have access to their very own personalised online tax account, with the figure rising to 50 million by the year 2020.

Initially the account will hold information such as PAYE earnings, pension information and bank interest received – so if you also have self-employment to declare, this may not quite be the end of your annual Tax Return submission.  There are plans however to link accounting software to the digital accounts, eliminating the need to submit an end of year Return.

Sounds ideal though, right? If the digital tax accounts can be completed with accurate figures from other sources it could save a lot of time and also save automatic penalties for filing late Tax Returns for smaller clients. However – given HMRC’s track record with its teething problems in PAYE Real Time Information implementation, this might not be as straightforward as HMRC and Financial Secretary David Gauke MP may make it out to be.

For more information, you can download a copy of HMRC’s official release document HERE. Or of course feel free to email us with any questions.

We will be sure to keep you up to date with the latest info if and when this plan is brought in, in order to keep our clients clear of any unexpected HMRC headaches!

Steve Baker

Written by Steven Baker – MAAT of Spurling Cannon

If you would like to contact Steven about this blog post or any other accounts related matter, please e-mail him on steven.baker@spurlingcannon.co.uk or phone the office on 01843 848383

 

 

 

Spurling Cannon Limited have made every effort to ensure accuracy at the time of publication. Information may be subject to legislative changes. Recipients should note that information may not reflect individual circumstances and should, therefore, not act on any information without seeking professional advice. We cannot accept any liability for actions taken or not taken as a result of the information given in this publication.

Tags: , , ,

All Authors | Post by: Steve Baker

Leave a Reply


 

 

Ramsgate: 01843 848 383 Ashford: 01233 424200

 

 

 

css.php