Major change to how you pay your taxes to be unveiled in days – check to see how you will be affected

JEREMY Hunt will unveil massive tax simplification plans next Thursday – making it easier to pay record rates.

The Chancellor will use a “Tax Day” to reveal 25 policies making tax returns easier for businesses and households, reducing time and money spent on tedious administration.

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But Mr Hunt won’t actually cut the record breaking tax burden until at least the Autumn.

The new ideas will be put to the public through consultations.

Among proposals are simplifying the Help to Save scheme, which has been extended to April 2025 and allows Brits on Universal Credit to get a bonus of 50p for every £1 they save over 4 years.

Mr Hunt is also looking to simplify customs on importing and exporting, as well as tax rules on buying and selling crypto.

The Treasury was advised by the Office of Tax Simplification for over a decade, however Liz Truss dismantled the body when she became PM.

Since then, officials have brought simplification in-house through policy-making.

A Whitehall source told The Sun: “We’re making things simpler so businesses spend less time doing tax admin and more time doing what matters most to them, being productive and growing, whilst also making it easier for hard-working Brits keep more of their cash.”

The announcements won’t affect any assessments made by the government’s economic watchdog, the Office for Budget Responsibility, at this year’s Spring Budget.

And no policies around tax cuts or rises will be announced.

But officials at the Treasury are looking for ways to slash levies before a general election next year.

Income tax is seen as a priority for cutting at the next Budget in Autumn, while inheritance levies are also being probed.

This post first appeared on thesun.co.uk