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Budget 2015: Osborne to scrap annual tax return

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  • 18/03/2015
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Budget 2015: Osborne to scrap annual tax return
The Chancellor George Osborne will announce in today’s Budget he plans to scrap the annual tax return, replacing it with a single ‘digital’ tax account.

HMRC will automatically collate the tax affairs of millions of UK taxpayers from employers, banks and investment firms into a single digital tax account which can be checked at any time online.

The accounts will allow tax to be paid at any time and will simplify the payment of various levies for businesses.

According to the Telegraph, the Chancellor will pledge that the move will reduce the time it takes to deal with HMRC from an average of 40 minutes a year to 10 minutes.

Those with straightforward tax affairs will have no need to collect receipts and other documents. Only those who do not want to manage their affairs online will still have to complete a self-assessment return.

 

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