For some taxpayers HMRC hold all the data required to finalise their annual tax calculations, so instead of requesting a tax return from these individuals, HMRC will now issue a simple assessment. This new system commenced in September, applying currently to new state pensioners with income exceeding their personal allowance and PAYE taxpayers who have underpaid tax that cannot … Continue reading Simple Assessments to Replace Tax Returns for Simple Cases
http://www.youtube.com/watch?v=NUwV2I5HtC8 To find out what other announcements were made in the Chancellor's Budget, read our Budget Summary.
Our updated Tax Tables are available here - find out what the new rates mean for you. If would like to read our summary of the 2015 Budget, then please follow this link: Budget Summary 2015 The main issues include: Farmers averaging - Farmers will be able to average their profits over five years instead of … Continue reading Budget 2015 and 2015/16 Tax Tables