27th July saw the first step in implementing the new government's promise of a simplified UK tax system. HMRC issued 7 consultations covering the following areas of tax:
The area of most interest to us was the proposal around UK PAYE, with HMRC stating that they are looking at moving to real-time information collection from employers. Even better, HMRC have asked for input on any other changes which could increase PAYE efficiency. Obviously, here at taxback.com, we deal with tax office PAYE systems globally and are very well positioned to comment on the pros and cons of those systems.
We will be providing our input into the consultation in the very near future based on our experiences of these various PAYE online systems. While it may take some time for the transition to occur, it is excellent news none the less.