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Income tax: No more returns?

Inland Revenue is looking at an idea that could mean small businesses may never fill out an income tax return again. Sound good?

Inland Revenue is looking at an idea that could mean small businesses may never fill out an income tax return again. 

Right now, filing your income tax return online involves several steps and filing paper returns can be time consuming.

So, Inland Revenue is working to design, build and deliver a better tax system that will make meeting tax obligations a more seamless part of your business life. Your feedback will help Inland Revenue know what will work for small businesses.

One idea involves securely linking your accounting software to Inland Revenue’s system to automatically generate your income tax return when you finish your annual accounts. That way, you’re more likely to pay the right amount of tax.

Business owners without accounting software, who are still keen to work electronically, will still be able to use myIR to manage their tax.

Another idea could make it easier to fix mistakes on your online returns, with fast notification from Inland Revenue of any next steps you need to take.

Find out more on Inland Revenue’s Changing for You (external link) website, which includes videos showing what Inland Revenue’s vision for tax might mean for small businesses.

Let Inland Revenue know whether you agree with what is being suggested.

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