Don't fail to notice new tax notices, freelancers told
‘Simple Assessments’ reaching freelancers and others self-employed taxpayers are
indeed much simpler but still require checking, a body of tax experts is
In fact, although the forms are a pre-calculated notice of tax due, which negates the need for the recipient to fill out a self-assessment, there accuracy is not guaranteed, reminds the ACCA.
“The Simple Assessment notice is likely to be accurate for a taxpayer with one stable income,” said Chas Roy-Chowdhury, head of tax at the Association of Chartered Certified Accountants.
“[But] it is not yet clear how accurate these notices will be for taxpayers who need to take deductions, secondary income sources or other factors, such as pensions or gift aid, into account.”
Generally, the association sounds supportive of the pre-calculations, calling them a “welcome step forward for improving efficiency and ease of the tax system.”
Nonetheless, the taxpayer recipient’s personal “details and calculations” -- both inputted by HMRC, should still be checked to ensure there are no mistakes.
“Once the Simple Assessment is received, taxpayers have just 60 days to raise a query and provide evidence for the figures to be amended,” Mr Roy-Chowdhury added. “I strongly recommend that anyone receiving a Simple Assessment notice engages early.”