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Accessing Your Annual Tax Summary

Calculator_TaxAgility Accountants LondonEarlier this month the Government started sending out an Annual Tax Summary to over 24 million people across the UK breaking down exactly how their tax payments are spent by Chancellor of the Exchequer George Osborne.

Of this number, the eight million individuals who complete self-assessment returns will be able to see their break-down online immediately, while sixteen million PAYE taxpayers will receive their break-down in the post within the next four weeks (if they haven’t already) if they received a tax coding notice from HMRC for tax year 2013 to 2014.

Speaking on the issue, Mr. Osborne said:

I promised that taxpayers would know much more about how much direct tax they pay and how that money is spent. Now we’re delivering on that promise by giving 24m taxpayers a new personal tax summary. It is a revolution in transparency and it will show how hardworking taxpayers have to pay for what governments spend.

Twenty-Four Million Recipients

The Chancellor has been pushing for this ‘revolution’ in transparency since Budget 2012, during which he announced his desire for 20 million taxpayers to receive tax break-downs in order to make tax easier to understand.

The break-downs display exactly how much tax and National Insurance (NICs) you paid during the tax year in question, alongside data displaying where it went in order to contribute to the good of the general public.

In April Mr. Osborne decided that 4 million extra taxpayers could also receive their tax break-down from November, as their recent contact with HMRC had allowed any tax issues they had currently had (such as a change in employment) to be resolved.

This number is almost five million shy of the 29.9 million income taxpayers in the United Kingdom. If you completed a self-assessment tax return for 2013 to 2014 and you can’t see your break-down when you log into HMRC online, or you don’t receive your tax summary in the post within the next four weeks, contact your accountant or HMRC directly.

Paper Tax Return Deadline

Now seems the perfect time to note that the paper-filing deadline for all 2013 to 2014 tax returns has now passed. If you send in a paper tax return now you’ll receive a £100 penalty, regardless of when you pay.

In order to submit your return without receiving a penalty you’re now required to do so online. If you’ve not yet registered for HMRC’s online services you’re encouraged to get in touch with your accountant immediately. You’ll be sent an activation code in the post before you can submit your return online, therefore you must leave yourself as much time as possible before the 31 January online deadline.

Remember, you don’t have to pay the moment you file. The sooner you submit your tax return online the better; you won’t have to pay any tax owed until 31 January.

Experienced Tax Accountants

To speak with a professional to discuss your tax return and any payments due, contact us today on 020 7129 1199 or get in touch with us via our contact page to arrange a complimentary, no obligation meeting.

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