{"id":2375,"date":"2016-02-03T19:22:33","date_gmt":"2016-02-03T19:22:33","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/?p=2375"},"modified":"2016-02-03T19:22:33","modified_gmt":"2016-02-03T19:22:33","slug":"digital-tax-accounts-to-replace-annual-tax-return","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/digital-tax-accounts-to-replace-annual-tax-return\/","title":{"rendered":"Digital tax accounts to replace annual tax return"},"content":{"rendered":"

HMRC has launched a digital accounts system for businesses and individual taxpayers. <\/strong><\/p>\n

The new system will allow people to see their tax details and make payments at any time during the year. HMRC plans that by 2020, most taxpayers including individuals, businesses and landlords will track and submit information to HMRC digitally every quarter.<\/p>\n

Uncertainty over quarterly system<\/h3>\n

The Low Incomes Tax Reform Group (LITRG) has expressed concern that non-digital literate businesses may face charges from HMRC due to the introduction of the new quarterly system. These people could become accidentally non-compliant and face penalties. Older taxpayers, people with disabilities and those living in remote areas are most at risk from failing to comply with the new system. Anthony Thomas, LITRG chairman, said:<\/p>\n

\u201cIt is very harsh that small businesses with the lowest profit margins may be required to undertake significant investment and training in computer technology simply in order to comply with HMRC\u2019s reporting requirements, and for no other purpose.\u201d<\/p>\n

Accessing digital accounts<\/h3>\n

Taxpayers can access their digital accounts at any time during the year. Once you have logged in online you can do the following:<\/p>\n