Many will not get a self-assessment tax return next year7th December 2017 | Posted in: PAYE & NI, Personal Tax, Planning
The government are gradually phasing out the self-assessment tax return and replacing it with an individual tax account pre-populated with data supplied by employers, pension companies and State Pension figures from DWP.
With effect from September 2017, HMRC have the power to assess income tax or CGT liabilities using information they already hold. This new system will be called “Simple Assessment” and will initially apply to two groups:
Firstly, new state pensioners with income more than the personal tax allowance in the 2016/2017 tax year.
Secondly, PAYE customers, who have underpaid tax and who cannot have that tax collected through their tax code.
Taxpayers will have 60 days in which to challenge incorrect information in a simple assessment.
We have concerns about the accuracy of this data, so please contact us if you drop out of self-assessment and would like us to check any simple assessment calculations received.