Individual tax summaries
19 September 2014
Readers may recall an earlier announcement from the Treasury that taxpayers will receive tax summaries to inform them of what their tax is spent on. More details have now emerged about these summaries.
These summaries will start to go out sometime after 27 October and will continue through to mid-December 2014. HMRC have advised that:
· The tax summary will show the individual how their income tax and National Insurance contributions (NICs) have been calculated for the previous tax year and give an indication of how their taxes have been spent by Government.
· It is for information only. It will clearly tell individuals who receive one that they don't need to take any further action.
· The information in the tax summary will relate to the tax year ended 5 April 2014. It will also show any NICs paid by the employer to give individuals a clearer indication of the total NICs paid as a result of their employment.
· It is important to remember that the information will be based on all their taxes so the information may not be the same as their P60 depending on their personal circumstances. If any of your employees do contact you to query what they have been sent please advise them to go to www.gov.uk/annual-tax-summary