PAPERLESS SELF-ASSESSMENT could soon be introduced after a consultation was launched by HM Revenue & Customs.
Under paperless self-assessment, taxpayers will receive communications from HMRC electronically, rather than by letter.
HMRC has over ten million self-assessment taxpayers, the vast majority of whom choose to file their tax return online. However, only 25% of their interactions and communications with HMRC can be delivered online at the moment. For example, despite filing online, HMRC uses paper to tell the customer about the outcome of their filing.
Exchequer secretary to the Treasury David Gauke said: “HMRC’s digital strategy will make processes like self-assessment faster and simpler. It will deliver the tax system for the 21st century that taxpayers expect.
“The vast majority of HMRC’s self-assessment customers already file electronically, but only 25% of their dealings with HMRC are online. Paperless self-assessment will allow customers to do it all online.”
The consultation document can be viewed here.
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up