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Annual tax summaries

HMRC has announced that it will start issuing annual tax summaries beginning in October.

The summaries are part of the government’s commitment to creating a more transparent personal tax system, to show individuals how much tax they are paying and how the government spends it.

The tax summaries to be issued in October will show the income tax and national insurance contributions for 2012/13.  They will include information on how this contributes to areas of public expenditure, such as health, education and defence.

In the current year individuals taxed under self assessment who have registered for online services and individuals under PAYE who have received a costing notice or tax calculation will receive summaries.  These will be online for those individuals under self assessment and by post otherwise.

The summaries are for information only.  You will not need to take any action – assuming they do not show any errors.

 

 

 

 

 

 

 

 

 

Date: 21st May, 2014
Author: Cathy Corns

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