HMRC has published its timeline for the introduction of digital tax accounts by April 2016 for individuals and a quarterly payment regime for all but the largest businesses by 2020. Making tax digital sets out HMRC’s digital tax roadmap which outlines that by 2020 HMRC plans to have have moved to a fully digital tax system.
The advantages are said to include the eradication of bureaucratic form-filling such that taxpayers should never have to tell HMRC information it already knows. ‘Unnecessary time delays will be eliminated’ with the tax system operating much more closely to ‘real time’ keeping everyone up to date and removing the risk of missed deadlines unnecessary penalties debts arising and errors in the system being carried forward from one year to the next. And taxpayers will have access to digital accounts with the information HMRC needs automatically uploaded ...
