HM Revenue & Customs (HMRC) states that it will have saved taxpayers £800,000 by the end of the 2014-15 tax year. Around 500 paper forms have been digitised, so that people can simply download the form of their choice.
The iForms project already has 300 digital forms available, although currently the materials have to be downloaded and then posted to HMRC. According to HMRC’s plans, by March 2015, taxpayers will be able to complete and submit their forms online, saving time and money.
Data indicates that 20 million sheets of paper are used every year by people who call the tax office and ask it to send out a form in the post. So far, HMRC figures indicate that savings equate to £354,000 and, when the remaining 200 forms have been digitised, the savings will rapidly increase.
So far, the iForms project has saved 1.6 million sheets of paper and 1.2 million envelopes. By March 2015, this figure is expected to reach four million sheets and three million envelopes. Once the forms can be completed online and submitted electronically, the savings for taxpayers are expected to increase to £800,000.
Mark Dearnley, HMRC CIO, said:
“We’re making massive changes to realise our digital vision, which will help us to give our customers a much better service. Our aim is to provide digital services which are so straightforward and convenient that everyone who has a choice will want to use them.”
Dearnley stated that the forms will be available through the Gov.uk website. Many companies are digitising services, including small business accountants.
How have your experiences of online filing panned out so far? Have you found it more convenient that scribbling on physical forms? Please let us know by using the comments box.
Why outsource to an online accountant?
When operating online, small business accountants can provide comprehensive services at a much lower cost to their clients. Processes are generally fully automated, which also saves time and increases security.
You can submit information or maintain contact with your chosen accounting firm at any time of day or night and from anywhere in the world! All you need is an internet connection, of course.
Rather than spending money on long and arduous meetings with your accountant, you can use the time saved to build your company, or even take some time off and chill.
Storage problems are a thing of the past, as your documents will be stored safely online. Although you can retain paper copies of documents, you can submit them directly to your accountant.
If you want to know a little more about our online services, call us here at The Accountancy Partnership.
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We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!