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By 2020 the UK plans to move from end-of-year paper tax returns to "real-time" online accounts. Businesses and individuals will be able to link their own accounting software and their bank accounts to the government's digital tax account, removing the need to submit an end-of-year return.
The Budget confirmed plans to switch to "digital tax accounts" by 2020, ending the annual rush to file a tax return. Instead, individuals and small businesses will submit accounts throughout the year via computer, tablet or smartphone. Mr Osborne called it "a revolutionary simplification of tax collection". People will be able to pay their tax at any point throughout the year. Jump media playerMedia player helpOut of media player. Press enter to return or tab to continue. The chancellor announces the end of the "complex, costly and time consuming" annual tax return They will also be able to spread the cost by paying in instalments. Taxpayers will be given a login and password so they can submit tax information regularly, making tax bills more closely related to current performance.
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