We make your accounts our business

No more paper self assessment Forms - HMRC plans to go digital by 2020

No more paper self assessment Forms - HMRC plans to go digital by 2020

HMRC has announced plans to overhaul the current tax system by 2020, scrapping the annual tax return and replacing it with a digital document which taxpayers can update each financial quarter.

Taxpayers will have 12 months to get used to the new system before any late submission fines are applied

In a move from the chaotic scenes every January at the tax office - It means that most businesses, landlords and the self-employed will record and pay all their taxes online rather than using the paper SA100 form.

The taxman said it was part of the government’s commitment to make the annual tax return “a thing of the past” for millions of people and businesses.

Under the government’s proposals, the Making Tax Digital project it is claimed it will save the taxman £8 billion a year, it said, because taxpayers will be getting their tax bills right first time.

Businesses, landlords and the self-employed will be able to keep track of their tax affairs digitally, updating the online document on a quarterly basis, while charities and some small businesses will be exempt from the new system.


New here?

If you've landed direct to this news story, don’t hit back just yet! You may also be interested in some of our resources for business start ups. You can also follow us on facebook or twitter to keep updated once we post more articles.

© 2017 Lumbview Accounts Limited - all rights reserved. Accountants and Bookkeepers. Registered office: 103 Chorley Rd, Swinton, Manchester M27 4AA. Company Reg no: 08470858
Website design by B4B | Privacy | Site Map | Useful Resources