No more annual tax return

[Unix]

Budget 2015: The death of the annual tax return - Telegraph

[Gumbo Robot]

As with all these things, the devil is in the detail

It will allow them to link to their bank account so they can pay in instalments or by direct debit.

Mr Osborne will say that he wants 55 million people to have digital tax accounts by 2020

Hmmm... wonder how long this arrangement will be optional? I really do not like the idea of having a direct debit set up with HMRC one little bit.

[Unix]

As with all these things, the devil is in the detail



Hmmm... wonder how long this arrangement will be optional? I really do not like the idea of having a direct debit set up with HMRC one little bit.

I have my VAT set by direct debit saved me remembering to pay it.

[VectraMan]

NPower, Thames Water, and the BBC to name a few already have the ability to help themselves to my bank account.

How's not doing an SA going to work out for dividends? I suppose it would be nice not to have to enter the information HMRC already knows, but even as a permie I get some small dividends from another company I have a small shareholding in, so I'll still be doing an SA.

[suityou01]

I have my VAT set by direct debit saved me remembering to pay it.

Do your VAT amounts not vary?

[PerfectStorm]

Do your VAT amounts not vary?

You can have variable direct debits. Your phone bill is one.

[suityou01]

You can have variable direct debits. Your phone bill is one.

Right. But how does the VAT man know how much to take?

[Gumbo Robot]

Right. But how does the VAT man know how much to take?

From the return that is completed by yourself or your accountant, presumably.

[Unix]

Right. But how does the VAT man know how much to take?

When you submit your return it has the amount you need to pay, this is what is taken a few weeks later.

[GlenW]

Direct debits are great as long as you trust the organisation that receives your money. A direct debit to HMRC, what could possibly go wrong?

I add a calendar reminder when my accountant tells me how much I owe, then pay it myself.