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News - 2 November 2014

Tax payment summaries to help transparency

Tax payment summaries to help transparency Some 16 million Pay As You Earn (PAYE) taxpayers will be receiving the new statements after George Osborne pledged to make the system more transparent.

Mr Osborne announced the personalised summaries as part of his 2012 Budget.

David Nelson of the Payroll Department of ABDS comments:
“The summaries will set out how much tax and National Insurance each person has paid, together with a breakdown of where it was spent - for example welfare, transport, health and education. There are almost 30 million taxpayers in the UK, and those who do not receive a summary can use HM Revenue & Custom's tax calculator to get similar information.”

Shadow Exchequer Secretary to the Treasury Shabana Mahmood criticised the government's tax policy and said: "Families and pensioners are paying more in higher VAT, but that tax isn't part of these statements."

The TUCs general secretary Frances O'Grady questioned the governments motives and said: "The chancellor is relying on the fact that many people think spending called welfare all goes to the unemployed. This is softening us up to a major cut to the welfare state safety net to which we all should contribute so that it is there if we need it."

If you need any help and advice with your PAYE or general Bookkeeping, or are looking to outsource your Accounting Department, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your business matters.
 

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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