Still time to file vital tax assessment says ACCA

Chas Roy-Chowdhury
Chas Roy-Chowdhury

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).

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.

“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.”