Automated self assessments increase risk of tax overpayments
25 Oct 2016
An investigation by the Institute of Chartered Accountants in England and Wales of digital tax systems in other countries has found that UK citizens risk overpaying their tax returns if they don’t become more savvy about their tax affairs.
The findings come as HM Revenue & Customs (HMRC), in an attempt to eradicate “bureaucratic form-filling” and eliminate “unnecessary time delays”, consults on plans to deliver a fully digital tax service by 2020. HMRC is looking to bring all individuals and small businesses onto the online system where information is automatically uploaded, thereby bringing an end to the conventional tax return.
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