HMRC: New simplified tax return form can be not so simple

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UK is always trying to improve and simplify an operation of governmental authorities.
UK is always trying to improve and simplify the operations of governmental authorities.

Most processes are very simple and easy due to the electronic and online submissions.

UK is bringing improvements almost each year in order to be the leading jurisdiction for attracting new businesses and also to support small entrepreneurs who need to be relieved from heavy administration burdens.

This year HMRC is issuing new forms for submitting annual tax returns. The idea is again aimed to the simplification of the process. New forms are supposed to be pre-filled based on the data that HMRC possess. However, it is expected that this “simple assessment” can lead to a chaos with incorrect tax calculations. It is suspected to be very attentive with submitting new forms as once the form is submitted, the taxpayer will have only 60 days to object discrepancies.