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personal tax return

The end of the tax return?

Tax return completion and submission for people with simple tax affairs, most people would agree is overtly complex, and not something most people would look forward to doing.

Over the next parliament, there should be some big improvements in tax return information submission, with HMRC’s Digital Strategy now taking shape and the pieces beginning to link together.

HMRC are intending to give tax payers digital accounts which are pre-filled with information from employment (via RTI), pensions and banks accounts (which are all now available electronically) which should lead to a much better experience for the tax payer and cut down on errors of missing items or incorrect figures.

There will still be additional information required for tax payers with more complex affairs such as properties and investments, but it should improve the service to taxpayers, and it is expected to dramatically cut costs to HMRC.

The end of the tax return is upon us for people with simple affairs,  and tax accounts is expected to start for taxpayers by 2017. For people with more complex affairs, it is probably just a renaming exercise and a simpler, but more real time, process.