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Weekly Edition - Publication date:- 2017-14-10

-en Southport & Mersey Reporter

Local News Report  - Mobile Page

 

Concern at impact of planned allowances on Self Assessment

THE Low Incomes Tax Reform Group (LITRG) is urging HMRC to be ready to publicise new income allowances when they come into force to prevent confusion as to who is supposed to register for Self Assessment this time next year (2018). By law, people have to notify HMRC of a new source of income, such as receipts from a trade or business, or rental income, by 5 October, in the Tax year following that in which the new source began.

According to LITRG, things could get very confusing for those who start work or rent property in the 2017/18 Tax year due to the likely introduction of the new trading and property allowances. From 6 April 2017 those with rental and/or trading income (or miscellaneous income) below ₤1,000 will no longer have to tell HMRC about the income by the 5 October 2018 deadline or pay Tax on it. If the trading or property income exceeds the allowance, they will need to notify HMRC and can choose whether to calculate their Taxable profit in the usual way or by simply deducting the ₤1,000 allowance.

LITRG is concerned that, without appropriate publicity or guidance, some Taxpayers may register for Self-Assessment and complete a Tax return when they do not need to do so. Others with trading and/or property income above ₤1,000 may not realise that they need to register and complete a Self Assessment Tax return, which could subsequently result in significant penalties for late notification and filing.

LITRG Chair Anne Fairpo said:- "We call on HMRC to be ready to make available very clear guidance on these changes and to publicise them sufficiently. Ideally, there should be worked examples and also an online calculator. It is also crucial that such information is available in hard copy format as well as online to help the substantial numbers of Taxpayers who are either digitally excluded or find it difficult to engage with Government online."

LITRG is also concerned that these new allowances will cause further confusion for Tax Credit and other benefit claimants. For example, this income will have to be declared for Universal Credit claims, even if it is fully covered by the new Tax allowances. The group recommends that all benefits claimants who can use these new allowances check whether they still need to declare this income as part of their claim.

 

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