BUDGET 2015

Analysis & commentary from the Institute of Chartered Accountants in England & Wales - Read now…

The Government’s full Budget Report - Read now …

“No more tax returns” - For many whose income tax affairs are simple, this will undoubtedly bring relief as the annual burden of gathering information and filing a tax return is swept away and replaced with a digital tax account pre-populated by HMRC with the information they already hold (salaries, pensions, bank interest etc).

Of course, they onus will be on the taxpayer to check that information and those who are self employed, running their own companies, have rental income or otherwise have more complex tax affairs will still need to file information (the information HMRC do not already hold) to complete the tax account.

Will it lead to tears? - yes, probably at first but it’s merely a procedural change and providing HMRC get their act together, it will be seen as progress. See HMRC’s explanatory document …