The Chanecllor has announced measures for the Self Employed, those businesses that have taken out loans, and taxes
HMRC have changed the way in which they will assess some taxpayers removing the need for these individuals to complete a Self Assessment Tax Return. These changes took effect from September 2017.
The affected taxpayers fall into one of two categories:
- new state pensioners with income more than the personal tax allowance (£11,000) in 2016/17; and
- employees or pensioners with PAYE tax codes who have underpaid tax and who cannot have that tax collected through their tax code because it is too high to code out.