The tax system of the future?

The Government has published ‘Building a trusted, modern tax administration system’, which sets out HMRC’s 10-year vision for the future of tax administration.

HMRC said the plan “will ensure we create a modernized, digital tax system that is underpinned by modern digital infrastructure and uses closer to real-time information to provide better targeted support – making it easier for businesses and individual taxpayers to pay tax and reduce avoidable errors and fraud”.

It added that the vision has three elements:

  • for policy, it means a progressive extension of Making Tax Digital work.
  • for systems, it means exploring appropriate timing and frequency for the payment of different taxes, and the technology infrastructure needed to support that.
  • for law and practice, it means a reform of the tax administration framework.

“We will be involving taxpayers, agents, software providers in taking forward this vision and work closely with representative bodies in developing the elements,” HMRC said.

“We are keen to hear views from everyone with an interest and will ensure that key stakeholder forums have the opportunity to debate and shape the way this vision is developed. There will also be dedicated consultation on some elements of these reforms, with more detail set out at future fiscal events.”

For more go to https://tinyurl.com/yye9hb2q

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