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UK Phasing Out Annual Tax Returns

UK Phasing Out Annual Tax Returns

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Britain's Chancellor of the Exchequer, George Osborne, announced during his budget speech last week that the annual tax return in the United Kingdom is set to be phased out within five years. The UK's tax regulator, HRMC, will instead combine the tax affairs of taxpayers from employers, banks, investment firms, and other third parties into a single, digital tax account.

Do you think this would ever happen in the United States? Do you think it should happen here?
 

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By Mercy Sinclair
Jun 26th 2015 01:12

Hummmm. Don't know about that. Sounds a bit invasive. But I would almost allow it if it meant simplification. I've had to turn down jobs just to my taxes that's how complicated they are. I wish we had a flat tax. I don't know any country in the world that has a 70,000 page tax code. It's insanity.

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By oaktownrefugee
Jun 26th 2015 01:12

A great idea. We're headed thankfully to Return Free Filing. We'll never get the tax code content fixed, but we can get the administrative burden on the taxpayers fixed. As an ex CPA now doing taxes for free I see first hand that almost all of my clients are only coming in to sign their name. The IRS knows all their income and almost all of them get the standard deduction. Return Free Filing is the way to go with the IRS sending a bill or refund with the opportunity that if you don't like either one because of life changes you can file a return.

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