15.12.2015. Tax news: the new system of personal tax accounts

15.12.2015. Tax news: the new system of personal tax accounts

HMRC launches a system of online personal tax accounts. By April 2016 5 million small businesses and all individual taxpayers will have personal tax accounts. As a result, the taxpayers will be able to see their tax details and pay taxes at any time of the year.

The HM Revenue and Customs’ purpose is that by 2020 all taxpayers, both individual and corporate, will have digital tax accounts.

Starting from April 2018, all businesses including landlords and self-employed will be obliged to update HMRC every 3 months. This obligation will also encompass people, whose main income source is employment, but who also receive income of more than £10,000 from a secondary source.

For further information please contact Tatiana Svetlova on tsvetlova@svetlovallp.com.

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