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 »