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Digital Tax Accounts… A Simpler System?

Digital Tax Accounts… A Simpler System?

Budget 2015 promised a simpler digital tax system to replace the existing self-assessment tax return process, which would:

• Allow taxpayers to store all of their tax details in one accessible place
• Automatically update with information from third parties e.g. bank interest, pension income
• Link to your bank account to allow for more convenient payment options

All sounds good but….
Remember that the taxpayer will still need to check the information included by HMRC…they do get it wrong !

Also information such as property rental income and private company dividends will still need to be collated by the taxpayer.

Overall, assuming all HMRC systems work as planned this will have some advantages however, for many taxpayers the amount of work needed to file a tax return will remain much the same.

If you have any queries please contact Lesley Sutton on 01484 550 037 or email taxchat@revellward.co.uk for more details.

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