Still time to file vital tax assessment says ACCA

As the 31 January self-assessment deadline looms, taxpayers across Northern Ireland have been urged to get to grips with the implications of changes to the Personal Savings Allowance (PSA).
By The Newsroom
Published 29th Jan 2017, 20:12 BST
Updated 29th Jan 2017, 20:13 BST
Chas Roy-ChowdhuryChas Roy-Chowdhury
Chas Roy-Chowdhury

Chas Roy-Chowdhury, head of tax at ACCA, the Association of Chartered Certified Accountants, said it was important to assess the impact.

“As of the 16/17 tax year, basic rate taxpayers can earn up to £1,000 in savings income tax-free, and higher rate taxpayers up to £500,” he said.

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“While this is, of course, good news for savers, it may also lead to some confusion around filing self-assessments.

“Some taxpayers may be under the impression that they no longer have to file a self-assessment, or may have received communication from HMRC advising them that they now fall under the PAYE system only.

“However, if a taxpayer has changed jobs or circumstances, they may still be eligible for a tax refund (or owe tax).

“If you have any doubt about your tax status, even if you have received communication from HMRC, I strongly recommend that you self-assess as usual despite PSA changes.

“Online tax returns are due by midnight on Tuesday, January 2017.”

Related topics:Northern IrelandHMRCPSA