Annual tax summary (very OT)

newshound 9 years ago

Just had my "summary" for 2015-16, this is the slick one page glossy which includes a pie chart of contributions to public spending.

They've got all the basic figures right (income, basic and higher rate tax) but the *total* income tax figure is just added up wrong.

They conclude that I pay 20% of my taxable income in tax (on their numbers it is 23%), while the figure is actually just over 30%.

On the whole, I suppose they are trying. I would hate to be the person who was signed off the verification of the code doing that calc, though!

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Huge 9 years ago

You sure you aren't confusing income tax with total taxation?

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Andy Burns 9 years ago

Looks like the tax summary only shows details from employment, it had my income, tax allowance, PAYE, employee & employer NI correct as per the payroll end of year figures.

But it doesn't take into account any other sources of income, so it is wildly inaccurate.

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spuorgelgoog 9 years ago

Of course by allocating taxable income to non-taxable income on which incom e tax is nevertheless taxed, and counting taxable allowances as claimed eve n if ineligible, offsetting the notional tax benefits against the actual bu t intangible tax benefits, and changing the baseine comparison used since 1

977, they've actually managed to cut your income tax.

By about 5%, Minister.

Owain

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Allan 9 years ago

Am glad someone's getting a Summary. I remember reading about them a few years ago and wondered if one would ever appear. Never seen one. They seem able to semd me my Self Assessment statements, but no Annual Summary.

I'm not holding my breath.

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