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Follow on Google News | Reduced Red Tape on Tax on the Way say Essex BookkeepersThe government has announced the introduction of a new digital system whereby you will be able to manage your own tax accounts online. Essex bookkeepers Office Assistants explain what it will mean for businesses and individuals.
By: Office Assistants Ltd. The £200m investment in the new system will allow HMRC to provide a service “fit for the twenty-first century.” What it Means for SMEs It should reduce the time and effort you and your bookkeepers have to expend on tax compliance and increase the time you have to focus on developing your business, because there will be much less paperwork and bureaucracy. By 2015/16, as a small business, you should be able to view your organisation’s tax calendar and receive digital alerts, and have access to all your online transactions; What it Means for Individuals As a personal self-assessment tax payer, you will be able to receive correspondence from HMRC online at your account, and carry out many more transactions. The government announcement reports that the services will include updating your personal details and reporting changes in circumstances and extra sources of income; accessing your tax codes and how they were arrived at; dealing with the important issue of repayments yourself at your convenience. When retirement is looming, you will also be given access to targeted online support. The HMRC View The online services currently available have proved increasingly popular. Over 82% of self–assessment taxes were filed and paid online in January 2013, with much of the filing performed by outsourced bookkeepers (http://www.officeassistants.org/ The new service should do much to alleviate criticism about the time it currently takes to receive a response to telephone queries with HMRC. The Chief Executive of HMRC, Lin Homer, is delighted to have secured the investment to transform the current digital services, saying that her department is, “committed to doing business with our customers in the way they want to do it.” End
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