Yearly tax return to be scrapped

Posted on 17 Aug 2016

HMRC to scrap yearly tax return

Getting rid of the annual tax return by 2020 could save HMRC over £8bn per year, the authority has said. Under the proposals, part of its Making Tax Digital project, taxpayers will keep the Revenue updated online on a continuous basis, rather than filing a yearly return. Jim Harra, HMRC"s director general, customer strategy & tax design, said: "The appetite for digital services is growing and traditional paper-based processes make no sense in the 21st century where the vast majority use digital services. Making Tax Digital will help businesses to get their tax right first time; it will help reduce the likelihood of errors, lower the chance of unwelcome compliance checks and give them greater certainty that they are getting things right". Customers will have at least 12 months to become familiar with the changes before any late submission penalties will be applied.

However although it might save HMRC money MTD does not account of the additional costs to businesses.

View more blog posts

Posted on 10 Aug 2016

Quarterly reporting delayed for a year

Quarterly reporting delayed for a year say Harris & Co Northampton chartered accountants

Posted on 10 Aug 2016

Business rates time bomb

Business rates time bomb report Harris & Co Northampton chartered accountants

Posted on 10 Aug 2016

SME's faced with working out own business rates

SME's faced with working out own business rates say Harris & Co Northampton chartered accountants

Posted on 10 Aug 2016

Personal guarantees past their sell by date

Personal guarantees past their sell by date report Harris & Co Northampton accountants