George Osborne has indicated that tax information will have to be filed four times a year as part of a “digital revolution” at HMRC. Business owners, self-employed workers & landlords will be expected to file their information online from 2020 in a move which the Government estimates will raise an additional £600m a year by the end of this Parliament.
The quarterly submission will bring individuals into line with large corporations who currently have to adopt this policy. HMRC suggest that taxpayers will be able to submit the information via free apps that will be made available for smart phones, or directly at HMRC’s website.
The quarterly submission is seen as the first step for tax to be paid four times a year, although this has yet to be confirmed. Mr Osborne stated: “We’re going to build one of the most digitally advanced tax administrations in the world. So that every individual and every small business will have their own digital tax account by the end of the decade, in order to manage their tax online” – We will wait & see …
Mike Waterfield, Director