Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Taxpayers urged to heed HMRC’s simple tax assessments

by July 29, 2024
July 29, 2024
Taxpayers urged to heed HMRC’s simple tax assessments

More than half a million taxpayers, set to receive HMRC’s simple tax assessments for the first time, are being warned not to ignore them to avoid penalties and missed tax deductions, according to leading audit, tax, and business advisory firm Blick Rothenberg.

Robert Salter, a Director at the firm, stated: “HMRC has recently announced that 560,000 individuals – including 140,000 pensioners – will receive simple tax assessments for the 2023/24 tax year in the coming weeks. Unfortunately, many taxpayers tend to automatically ignore correspondence from HMRC or assume that ‘the tax will take care of itself’ via PAYE or another type of tax withholding.”

He explained: “However, these simple assessments effectively act as tax demands, requiring individuals to proactively make a tax payment to HMRC. Failure to do so could result in penalties and interest on their unpaid tax for not settling the tax position in a timely manner.”

Robert further emphasised: “It is crucial that taxpayers who receive these simple tax assessments verify the calculations prepared by HMRC and the income captured within their assessments. Experience shows that HMRC may not necessarily account for available tax deductions, such as charitable gift aid contributions, pension contributions, or professional subscriptions.”

He added: “If taxpayers pay the tax demanded by the simple assessment without considering potential deductions, they risk overpaying taxes to HMRC. Spending 5 or 10 minutes reviewing the Revenue’s figures can prevent this.”

Robert also noted: “HMRC has always issued a small number of simple assessments each year to capture tax due on income such as investment income, dividends, and state pensions – essentially, income not directly subject to PAYE withholding or collected via a self-assessment tax return.”

He continued: “The number of such cases has increased for 2023/24 due to frozen tax bands, such as the personal tax allowance of £12,570, which has been frozen since April 2021. Additionally, higher interest rates mean that more individuals with modest savings may now be liable to tax on such income. This increases the risk of tax penalties for those who ignore HMRC, but those who are proactive can benefit from tax deductions – a reminder that ‘a stitch in time saves nine’.”

Read more:
Taxpayers urged to heed HMRC’s simple tax assessments

0
FacebookTwitterGoogle +Pinterest
previous post
Israel set to counter Hezbollah following terror attack: ‘response will be swift, harsh and painful’
next post
EQUITIES STRUGGLE AS MORE SECTORS TRY TO KEEP THE TREND AFLOAT

You may also like

Mary Portas leads Westminster rally for Better Business...

June 12, 2025

Royal Mail unveils £1 million fund to support...

July 2, 2025

Entrepreneurs set to leave the UK as it...

October 30, 2024

Start-ups pile pressure on Hunt to reverse R&D...

March 9, 2023

House of Lords AI Summit warns of ‘relentless’...

May 21, 2025

Shoppers are cutting back on spending as cost...

October 20, 2023

JLR Invests £1M to Aid Police in Combating...

June 14, 2024

Friends of the Earth lawyers poised to act if...

March 30, 2023

Business reaction to Jeremy Hunt’s Spring Budget

March 15, 2023

Department for Business & Trade delegation land in...

December 4, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump’s Debanking Order Calls for Investigation, Something Tennessee Should Have Done

      August 7, 2025
    • $93 million in aid to fight malnutrition headed to 12 African countries, Haiti, State Dept says

      August 7, 2025
    • $93 million in aid to fight malnutrition headed to 12 African countries, Haiti, State Dept says

      August 7, 2025
    • America’s Not-So-Secret Secret Police

      August 7, 2025
    • Poll: Nearly 1 in 4 Americans Think They Have a Personal Social Security Account

      August 7, 2025
    • Republican senator claims RFK Jr. mRNA vaccine decision undermines Trump agenda

      August 7, 2025

    Categories

    • Business (8,704)
    • Investing (2,185)
    • Politics (16,335)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved