First Annual Tax Summaries issued

03 November 2014


The Government have now commenced the issue to around 24 million people of their first Annual Tax Summary, which will explain:

· how their income tax and National Insurance contributions have been calculated for the 2013 to 2014 tax year

· how this money was spent by the government.

The Treasury briefing explains why tax summaries have been introduced and who will receive them, saying that:.

From Monday 3 November over 24 million people will start receiving their first Annual Tax Summary from HM Revenue and Customs (HMRC), which breaks down exactly how their tax is spent by the Exchequer.

8 million taxpayers who complete self-assessment returns will be able to access their tax summary online, while the 16 million PAYE taxpayers who received a tax coding notice from HMRC for 2013 to 2014 will receive their summary in the post over the next seven weeks.

The summaries were first announced by Chancellor of the Exchequer George Osborne at Budget 2012 in a move to make tax more transparent and easier to understand. They will set out how much tax and National Insurance each person paid in the previous year and how it contributed to public expenditure.