HMRC to release full annual tax statements for first time
HM Revenue and Customs (HMRC) is to send out full annual tax summaries for the first time in October 2014.
Back in 2010, the Coalition Government promised every taxpayer an annual statement of their tax position – not just the income tax and National Insurance paid, but also where the money was spent.
Four years later and that promise is set to come to fruition later this autumn. However, not all people will receive the first tax summaries. Those who pay tax under self-assessment or receive PAYE tax codes will receive a statement.
Initially, the statements will only cover your tax position for the 2012-13 tax year.
If you’re registered for online self-assessment you’ll be able to access your statement digitally by logging on to the HMRC website in the usual format, selecting the tax summary option.
By registering for HMRC’s online services you’ll be able to view your 2013-14 tax summary soon after you submit your self-assessment return for that tax year.
No action is required for these summaries, but it’s important individuals check they’ve paid the right amount of National Insurance to count towards their state pension entitlement.
State pensions
To qualify for a full state pension – under the new single tier pension rules that take effect in April 2016 – you’ll need to pay the correct amount of National Insurance contributions for 35 years.
The annual summary statements will be useful record against which individuals can check they’ve paid enough contributions.
Last updated: 13th June 2014