So, for taxpayers with just these types of income the job is nearly done.
This new system is suggested to be in place by 2020 and removing these taxpayers from the list of returns would be sensible.
As for the rest of us with income from business, dividends from unlisted companies, rental income and capital gains? One wonders how this could ever be achieved without some mind-reading from HMRC .
But, how accurate are most business records? From experience, let me tell you, very few. I would fear for most businesses who chose to submit their own records direct to HMRC, let alone give them access to their bank accounts (which has been suggested!).
So, relax for the time being, more records are becoming digitalised and no doubt in due course there will be changes that could simplify the provision of information to HMRC. We shall have to be sure that returns are assessed accurately and HMRC are not well known for getting things right first time.
If we can avoid that dreadful rush in January then nobody would be more pleased than the accountants of this country. Meanwhile, we press on partly electronic and partly using ye olde paperwork.
At the moment, we are trying to figure out how it works!
If you have concerns about preparing your tax return for 2014/15 do let us know immediately. The secret to stress free returns is to gather the information as it arrives and ensure it is all in one place before attempting to prepare your return.
Carole Jordan FCCA is the MD and founder of BusinessHeads providing accounts, tax and consultancy to small businesses in Brighton and London. Contact her on 01273 882200.
All details above were correct at the time of publishing - for more up to date information please
get in touch
It’s always nice to reward your employees, especially those who may have worked for your business for a long time. Find out how you can do this and still reap the tax benefits.
If you want to grow your exports then the government want to help you on your way with Finance, Insurance and opportunities to meet potential customers. Yippee!
There’s a hidden gap in skills and knowledge between those of us who are qualified Accountants, and those who refer to themselves as Accountants. Every day we make an investment in your business to ensure you receive the quality of advice you need to protect your business.
It’s January and its ‘National Pay Your Self-Assessment
Your tax return should be safely in the HMRC net now but if you didn’t file before 12th December you will not receive a statement and payslip in the post. In any case, it’s best to brace yourself for making the payment as the statements are drip feeding very slowly through the postal system as I write.