Did you know that the information that HMRC give you is often incorrect?
A civil Service Capability Review has found that one in four of us contacting HMRC is given incorrect or incomplete information. ONE IN FOUR!
That’s a massive problem.
The official message is that Self Assessment is easy, but it clearly is not true. Tax is complicated and it changes every single year. Even for small mounts of money, tax is taxing!
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 »
Deadline to register for self assessment tax return is 5th October
You may never have worried about filling in a tax return before now. Unfortunately you could be in for a shock and a penalty if you fail to register a new source of income for the tax year ending April 2013. You have until October 5th to register any change in circumstances with HMRC. This is particularly likely to affect those employees with earnings over £50,000 still claiming child benefit.
So Who Needs to complete a tax return?
You need to complete a self assessment tax return if any of the following apply:
You are self-employed
You are a company director, unless it is a non-profit organisation and you don’t receive payments or benefits
You are a Minister of Religion of any faith
You are a Lloyds Name/Member
You have annual income over £100,000
You are an employee/pensioner … Read More »