The Chancellor of the Exchequer has announced that from October 2014 some 24 million UK taxpayers will receive a personalised statement setting out how much tax they paid in the previous year and how it contributed to public expenditure. This includes 4 million more taxpayers than the previous year.
Commenting on the launch of the statements, the Chancellor said:
‘These tax statements represent a huge boost for tax transparency, showing people very clearly how much tax they pay and giving them a better understanding of where their money is spent.’
There are 29.9 million taxpayers in the UK. A tax app is also available which can be used to estimate how much Income Tax and National Insurance Contributions taxpayers can expect to pay on their income and in turn how the government spends the funds. The spending is broken down by categories such as welfare, health, education, defence and the repayment of government debt.
The app is free and can be used on an iPhone or any compatible android style smartphone. The application is also available to less tech savvy users directly from the HMRC website.