PERSONAL ONLINE TAX ACCOUNTS similar to online bank accounts could be introduced in the near future, according to Exchequer minister David Gauke.
The accounts would display individual taxpayers’ information and also show where their tax pounds have been spent.
The move was initially raised in November 2011, when it was included in Modernising the administration of the personal tax system discussion document, and later in the May 2012 Personal Tax Transparency survey.
However, his comments come as advisers have suggested the introduction of real-time PAYE this month could allow for the introduction of the accounts, with the information updating regularly.
Real-time PAYE sees PAYE reported on or before the date payment is made, while changes will be reported as and when they occur, rather than at the end of the financial year.
Gauke (pictured) told Accountancy Age: “In terms of administration, I think there will be a focus on there being more information online. Looking at personal tax, we’ve focused on personal tax statements, but I can see us moving in the direction of personal tax accounts so you’ve got much more information available for a personal taxpayer.
“It will be very secure, and like online bank accounts, they can see where they stand.”
Gauke was speaking exclusively to Accountancy Age as part of a profile interview, which will be published next week.