Over the coming years, the government will phase in its Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. Although MTD has been paused for individuals until at least 2020, HMRC has introduced the Personal Tax Account and Simple Assessment.
Read this fact sheet Making Tax Digital Individuals, to find out more about:-
- The Personal Tax Account
- Simple Assessment
So far only some pensioners and taxpayers with underpaid PAYE have been moved onto Simple Assessment. The expectation was that more PAYE taxpayers would be moved out of self-assessment and into Simple Assessment. This has now being paused with no indication of when it will be resumed.HMRC has confirmed that it will continue to encourage more individuals to use their Personal Tax Accounts and will focus on improving the existing service to taxpayers.
If you would like to discuss your personal tax needs, please do get in touch with the team of tax specialists at DRG Chartered Accountants.
DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.