PSA: it’s still important to file your tax self-assessment

Date

21 Dec 2016

Sections

Euro & Finance

Press release

As the 31 January self-assessment deadline looms, it’s important for taxpayers to understand the implications of changes to the Personal Savings Allowance (PSA), explains Chas Roy-Chowdhury, head of tax at ACCA (the Association of Chartered Certified Accountants).

“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 says.

“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 the 31 January 2017, and it is worth remembering to register at least two weeks beforehand to allow enough time to complete the registration process.”

 

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For media enquiries, contact:

Adele Gilbert, ACCA Newsroom

T: +44 (0)20 7059 5077

M: + 44 (0)7753 242 464

E: adele.gilbert@accaglobal.com

Twitter @ACCANews

 

Notes to Editors

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 188,000 members and 480,000 students in 178 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 100 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com

 

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