self assessment

HMRC Roll Out Simple Assessment

HMRC 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.  This new system is called Simple Assessment (Yes, we laughed at HMRC using the word “Simple” in a sentence too).

With effect from April 2017, HMRC will have the power to assess income tax or CGT liabilities using information they already hold. This new system will initially apply to two groups:

Self Assessment tax bills are due to be paid on the 31st January. These payments are either the balancing payment of tax for the tax year 2014/15, a payment on account towards your 2015/16 tax bill, or possibly both.

It should be noted that the 31st January in 2016 is on a Sunday, and therefore payment should be made on or before Friday 29th January.