WE'RE AVAILABLE
Mon - Fri: 9am - 5:30pm
CALL US NOW
0113 887 8432
November 3, 2014
By:

The Annual Tax Summary set to be released in November 2014

The Annual Tax Summary is a personalised tax summary which will be sent to around 24 million UK taxpayers from the start of November 2014.

What is the Annual Tax Summary?

The summary, which was first announced in George Osborne’s 2012 budget, will show how much National Insurance and tax an individual has paid, accompanied by a breakdown of how that tax has been spent by the government – for example welfare, health, education and state pensions.

What will the Annual Tax Summary include?

The tax summary will include information about personal taxes that either HMRC have records for, or information about taxes that the taxpayer reported on their tax return.

It provides a breakdown of:

  • An individual’s taxable income, including any taxable benefits or pensions
  • The tax rates used to calculate tax
  • How much tax and National Insurance has been paid or will be paid
  • How their tax and National Insurance Contributions are spent by the Government, and
  • How much National Insurance an individual’s employer has paid on their behalf.

The summary does not include information about other taxes e.g. VAT or excise duty and it does not need to be checked by the individual.

Who will receive the Annual Tax Summary?

Taxpayers who pay Income Tax through PAYE will receive their tax summary through the post.

Self-Assessment taxpayers can go online through the Government Gateway to view their tax summary. The summary will be ready to view soon after the tax return (2013/14) has been submitted, through the View Annual Tax Summary icon.

Contact us today to discuss your tax requirements.
CONTACT US
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram