Annual Tax Summaries begin from October. Your clients may start to hear about these and ask you about them.
Tax Summaries are part of the Government’s commitment to creating a more transparent personal tax system, one that shows individual taxpayers how much tax they are paying and how the Government spends it.
Tax Summaries will detail individual taxpayers’ income tax and National Insurance contributions for the tax year 2012 to 2013, and will include a table and chart to show how this contributes to different areas of public expenditure, such as health, education and defence and so on..
In this first year they will be issued to:
• Self Assessment (SA) customers who have registered and enrolled for online services
• PAYE customers who have receive a P2 Notice of Coding or a P800 Tax Calculation
SA customers will access their Tax Summary online. Individuals in PAYE will receive theirs by post.
Individuals who are registered for SA online will be able to view their Tax Summary soon after their tax return has been filed. It will be updated if the return is amended.
Tax Summaries are for information purposes only. You and/or your clients will not need to take any action - and you won’t need to contact HMRC when you receive it. Supporting web information will also be available.
We’ll provide regular updates ahead of the first Tax Summaries going out in October. Please feel free to contact us by responding to this blog if you have any questions.