Tax summaries


Tax Summaries

Posted on June 5th, by Helen in Tax summaries. Comments Off

Tax Summaries are coming soon as announced by HMRC.

Tax Summaries are part of the government’s commitment to a transparent personal tax system. Nobody likes to pay tax but the government hopes that we will become more supportive of taxation if we have a better understanding of how our taxes are spent.

Tax Summaries will detail¬† an individual taxpayer’s income and National Insurance contributions for the tax year, and will include a table and a chart to show how each individual contributes to public expenditure such as healthcare, education and defence.

This is not entirely new as the Tax Calculator has been around for a few years now. However, the Tax Calculator is an estimate based on numbers entered by the user. Tax Summaries will be based on actual figures taken from the tax-payers Self Assessment tax return.

Tax summaries will be rolled out … Read More »