In the Chancellor’s autumn statement there was a pledge that the government will invest £1.3 billion to transform HM Revenue and Customs into one of the most digitally advanced tax administrations in the world. Most businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and update HMRC at least quarterly via their digital tax account, reducing errors through record keeping.
HMRC will ensure the availability of free apps and software that link securely to HMRC’s systems and provide support to those who need help using digital technology. This will not apply to individuals in employment, or pensioners, unless they have secondary incomes of more than £10,000 per year.
The government will publish its plans to transform the tax system shortly and will consult on the details in 2016. Watch this space and let us know your thoughts.
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