IMPROVEMENTS TO SELF-ASSESSMENT

Dec 12, 2021

HMRC has launched a call for evidence on how to reform the registration process of income tax self-assessment for the self-employed and landlords.

Part of the Government’s 10-year tax administration strategy, the call for evidence will be of interest to self-employed individuals with views on how and when individuals should register, and how to improve the overall experience with self-assessment.

“The early days of business for the newly self-employed and landlords are a busy time when tax obligations may not be a priority. The Government wants to understand whether bringing forward the point at which the newly self-employed and landlords are required to identify themselves to HMRC will help support taxpayers to develop good tax habits early, ultimately creating a better taxpayer experience,” commented a HMRC spokesman.

Afford Bond Tax Director, Chris Regnauld said: “Tax and self-assessment should be straightforward, easy to get right and hard to get wrong but many remain intimidated by the process of completing tax returns. This call for evidence seeks views on whether bringing forward registration for the self-employed and landlords will give taxpayers a better understanding of their obligations, the timing, and of the support available to them.

“HMRC’s questions include the extent to which individuals understand the tax process, how well the newly self-employed are able to learn about their obligations and the challenges faced during the process.

The call for evidence will run for 12 weeks, and began on 30 November 2021 and ending on 22 February 2022.

If you need guidance or expert tax advice, please email Chris.Regnauld@affordbond.com or use the Contact Us form on our website. Don’t get caught out, talk to us for help with your self-assessment tax return.

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