Budget 2015: Osborne confirms 'revolutionary' move to scrap annual tax return

The Chancellor George Osborne has announced in today's Budget he plans to scrap the annual tax return, replacing it with a single ‘digital' tax account.

Describing the move as a "revolutionary simplification of the tax collection scheme", Osborne said the move would help 12 million Britons. As of next year, HMRC will automatically collate the tax affairs of millions of UK taxpayers from employers, banks and investment firms into a single digital tax account which can be checked at any time online. The accounts will allow tax to be paid at any time and will also simplify the payment of various levies for businesses. "We will abolish the annual tax return altogether. Millions of individuals will have the information the revenue needs...