IPSE welcomes changes to annual tax assessments expected in Chancellor's Budget
The Chancellor is expected to announce that annual assessments will be transformed into a & lsquo;digital’ account which can be checked and updated at any point.
Andrew Chamberlain, deputy director of Policy and External Affairs, said, “A more flexible returns system to replace the current outdated model is something that we have long been calling for. Annual tax returns place a heavy burden on the self-employed who must keep accurate records over a long period of time and then compress months of expenses into one return.
“We hope that the Chancellor will make a commitment to a digital tax system which can be updated in real time as and when tax and expenses need to be logged. This would relieve the necessity of months of stringent record keeping for Britain’s 4.5 million independent professionals and make paying tax both simpler and much more accurate.”