{"id":2146,"date":"2015-09-23T11:12:34","date_gmt":"2015-09-23T11:12:34","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/?p=2146"},"modified":"2015-09-23T11:12:34","modified_gmt":"2015-09-23T11:12:34","slug":"digital-account-timeline-overview","status":"publish","type":"post","link":"http:\/\/my-brains.co.uk\/jackross\/digital-account-timeline-overview\/","title":{"rendered":"Digital account timeline overview"},"content":{"rendered":"<p><strong>HMRC has revealed how it plans to introduce digital tax accounts over the course of the 2015\/16 tax year.<\/strong><\/p>\n<p>First announced in Budget 2015, news that HMRC wants\u00a0digital accounts to replace traditional annual tax accounts created much debate.<\/p>\n<p>Now, further details of what this transitional process will look like have been provided by HMRC:<\/p>\n<ul>\n<li><strong>July \u2013 September 2015<\/strong> \u2013 business tax accounts, PAYE update services and married couple\u2019s allowance<\/li>\n<li><strong>October \u2013 December 2015<\/strong> \u2013 personal tax accounts for self-assessment and tax credits<\/li>\n<li><strong>January \u2013 March 2016<\/strong> \u2013 calculating re-payments for national insurance and PAYE.<\/li>\n<\/ul>\n<p>HMRC wants to introduce digital tax accounts in order to simplify the process for everyone involved.<\/p>\n<p>However, some members of the Public Accounts Committee (PAC) have expressed concerns that HMRC will not be able to deliver on its proposed timetable.<\/p>\n<p>In the summary of the PAC report into the digital transition, the committee stated:<\/p>\n<p>\u201cHMRC\u2019s record in managing the Aspire contract and other IT contractors gives us little confidence that HMRC can successfully achieve this transition or that it can manage the proposed model effectively to maximise value for money. HMRC also demonstrates little appreciation of the scale of the challenge it faces or the substantial risks to tax collection if the transition fails.\u201d<\/p>\n<h3>Benefits of digital tax accounts<\/h3>\n<p>The cost benefits of HMRC running more of its processes through its own IT systems will be a 24% saving on its \u00a3800 million annual IT budget by 2020\/21. But HMRC also wants to stress a number of other key benefits to taxpayers:<\/p>\n<ul>\n<li>\u009f\u009fview and manage their information<\/li>\n<li>\u009f\u009fpay tax without having to provide HMRC information it already has<\/li>\n<li>\u009f\u009fdigital tax accounts can potentially be linked to business accounting software<\/li>\n<li>\u009f\u009fsimpler and clearer personalised support.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>HMRC has revealed how it plans to introduce digital tax accounts over the course of the 2015\/16 tax year. First announced in Budget 2015, news that HMRC wants\u00a0digital accounts to replace traditional annual tax accounts created much debate. Now, further details of what this transitional process will look like have been provided by HMRC: July&hellip;&nbsp;<a href=\"http:\/\/my-brains.co.uk\/jackross\/digital-account-timeline-overview\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Digital account timeline overview<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Digital account timeline overview - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"HMRC has revealed how it plans to introduce digital tax accounts over the course of the 2015\/16 tax year. 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