A vision of the future?

Bill Dodwell considers the transformati onal nature of Personal Tax Accounts, and their limitations

I remember wondering what Chancellor George Osborne could mean when he said in his March 2015 Budget: ‘Twelve million people and small businesses are forced to complete a self-assessment tax return every year. It is complex, costly and ti me consuming. So, today I am announcing this.

‘We will abolish the annual tax return altogether. Millions of individuals will have the information the Revenue needs automatically uploaded into new digital tax accounts. A minority with the most complex tax affairs will be able to manage their account online...A revolutionary simplification of tax collection. Starting next year.’