The end of yearly tax returns…but not tax !.
Annual tax returns will soon be a thing of the past!
Taxes themselves are not going away; you still have to pay taxes. The method used to file them at the end of the year will be different.
In fact, the new tax filing method will be so different and so much easier to access, many people have likened the new system to an online bank account. The new system will make it easier for you, who currently fill in an annual tax form to pay the right tax at the right time without filing a return.
You will be able to pay the taxes you owe on a more convenient level by linking it to you personal or business bank account. Corporations will no longer face a big end of financial year tax demand because HMRC has calculated their payments on the previous year’s information. Company’s tax details can be provided in real time making the totals more accurate.
The changeover will begin in early 2016 and be completed by 2020 for all business and personal tax accounts. While this may seem like a long time, you have to take into account that over 12 million people pay taxes in the UK and a change like this isn’t something that can be accomplished overnight without any errors. Soon enough, you will be able to view your tax information online via your laptop, tablet or smartphone and you will be able to file quickly with a higher level of accuracy every time.
We will keep you up to date with things during the transition time so you can have peace of mind that you won’t be left behind, or in the dark.