Digital tax overhaul will require five returns per year

The upcoming digitisation of the tax reporting system could mean that millions have to file five tax returns a year. The overhaul, called ‘Making Tax Digital’ starts its pilot trial in the 2017/18 tax year, with people being gradually drawn into the system over the following two years. Why is tax going digital? In the ‘Making Tax Digital’ Policy Paper, H M Revenue & Customs (HMRC) states that the new system will save businesses and the self-employed time and money by keeping track of information and fixing any errors in real-time. This ...