1-3 of 3 results for subject:Self-assessment
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To ask the Chancellor of the Exchequer, how many and what proportion of tax calculations made through HMRC's Simple Assessment procedure were subsequently found to be incorrect in each of the last five years.
To ask the Chancellor of the Exchequer, how many and what proportion of tax calculations made through HMRC's Simple Assessment procedure were subsequently found to be incorrect in each of the last five years.
Simple Assessments are based on data from customers and third parties, such as employers, pension providers, Department for Work and Pensions and financial institutions. If any of this data is incorrect, customers can raise a query by identifying the errors and providing corrected figures to HMRC. HMRC will then revise or withdraw the assessment.
HMRC does not hold data centrally on the number of Simple Assessments amended or withdrawn over the past five years
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of HMRC's simple assessment procedure.
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of HMRC's simple assessment procedure.
Simple Assessment enables HMRC to collect Income Tax from individuals without the need for customers to complete a Self Assessment return. As Simple Assessment tax calculations are based on data HMRC already holds, customers benefit from a simplified process. If a customer believes their Simple Assessment is wrong, they can query it with HMRC.
HMRC continues to improve the Simple Assessment process, including by making the Simple Assessment notice clearer for customers; expanding customer payment options; and trialling payment reminders.
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of Basis Period Reform on the availability of accounting resources for (a) sole traders and (b) partnerships.
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of Basis Period Reform on the availability of accounting resources for (a) sole traders and (b) partnerships.
Basis period reform is an important simplification to the tax system. The government introduced this reform in Finance Act 2022 to create a simpler, fairer, and more transparent set of rules for the allocation of self-employment and partnership income to tax years.
The reform simplifies tax computations for businesses, making it easier to complete self assessment tax returns and reducing administrative burdens. Basis period reform has no effect on the availability of accounting resources for the self-employed or partnerships.