Tax administration for self-employed people and residential landlords should be made simpler using technology to make it easier for them to keep on top of their tax affairs and up to date with their payments says the Office of Tax Simplification (OTS) in its latest report.
It suggests HMRC should consider merging the personal and business tax accounts so that taxpayers could see information about all their different types of income separately in one place. The new account should offer a running calculation of the additional tax that the individual may need to pay a tax year and offer the facility for the taxpayer to make ad hoc payments.
The report also considers whether third party reporting might be helpful. Although there are not always third parties who could report income for self-employed people the growth in the number of people who work freelance suggests that there are more engagers...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.