Personal tax summaries are in the post
HM Treasury have now prepared the first batch of personal tax summaries which will be sent to taxpayers across the UK from 3 November 2014. The annual tax summary will show individual taxpayers how much Income Tax and National Insurance Contributions they paid in 2013-14 and includes a table and chart to show how this contributes to different areas of public expenditure, such as health, education and defence.
An estimated 24 million UK taxpayers will receive a personalised summary, 4 million more taxpayers than the previous year. There are around 30 million personal taxpayers in the UK, so around 80% of individual taxpayers will receive a personal tax summary. Taxpayers won’t receive a personal tax summary if they have paid no Income Tax or if information is outstanding.
HMRC makes it clear that the tax summaries are for information purposes only and neither taxpayers nor agents will be required to take any action upon receipt of the summary. The summaries will also be available online to Self Assessment taxpayers that have already filed their tax return for the previous year.
The summaries are being mailed in batches and HMRC expect to complete sending all the summaries by mid-December.