What do you think:
- Want to keep on track of your tax liabilities?
- Welcome more help from the taxman?
- Yes, but doing it on-line or a smart phone might be difficult?
Her Majesty’s Revenue and Customs (HMRC) is planning a new approach that should end all that form filling each year to tell them about what you’ve earned, received in interest and other income so that your tax can be worked out. By getting regular information from employers, banks and building societies, they will have lots of the information already so that you just need to add anything extra – and all this will be possible through a computer or smart phone – meaning that you can see at any time what you might need to pay in tax. Self-employed people and businesses will also have a better and up-to-date idea of their tax situation by sending HMRC regular information and getting their own tax forecasts –again, all possible on-line.
You can read about their proposals in a series of consultation documents. I recommend “Better use of information” for anyone and “Simplifying tax for unincorporated businesses” and “Bringing business tax in to the digital age” for those running their own businesses –they give examples of how the new system will work. There are other documents too for those who want to look at more detail.
Sending and getting financial and tax information on-line may not suit everyone – especially if using computers or smart phones is difficult because of a disability or other circumstances so it is worth checking out their proposals and telling HMRC what you like and what you don’t. You can send comments to them until 7 November 2016.
Penny Melville-Brown OBE
Disability Dynamics ltd www.disabilitydynamics.co.uk
Helping disabled people to work since 2000