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 in the first year to Self Assessment customers registered for on-line services and employees who have received a P2 Notice of Coding or a P800 Tax Calculation.
An individual will be able to view their tax summary on-line soon after their tax return has been filed. Employees will receive their Tax Summary by post.
Tax summaries are for information only so no action is required.
If you are self-employed and need help with a tax return then have a look at our Money Manager packages which will give you the confidence that your accounts and tax are right.
by Helen Alexander