The end of the tax return

 

By 2020, the majority of businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally & update HMRC at least quarterly via their own digital tax account.

 

Quarterly reports

 

Businesses currently report information on tax returns and pay liabilities after the end of the tax year. By reporting information more often, businesses will be able to view a summary of the tax due to date, how it has been calculated and their overall tax position. This will enable the self-employed in particular to budget accordingly, ready for when their liability, if any, is due. 

 

Those in employment & pensioners

 

Individuals in employment & pensioners will not be affected by these changes, unless they have secondary incomes of more than £10,000 per year from self-employment or property.

 

State Pensions & NI

 

Taxpayers will be able to see how National Insurance contributions affect their State Pension through their digital account