HMRC is to send out hundreds of thousands of simple assessment notices in the coming weeks for the first time - here's what you need to know
At least 140,000 pensioners are due to receive a tax demand from HM Revenue and Customs for the first time since their retirement. This comes as thousands of retirees have seen their income exceed the frozen tax thresholds for the first time.
In contrast, the personal allowance before tax is applied stands at £12,570 annually. This means that thousands of individuals with a private pension in addition to the state pension are now liable to pay tax on their retirement funds for the first time. A simple assessment is a method used by HMRC to collect tax that wasn't directly deducted from your income. HMRC stated that those receiving a simple assessment typically have until January 2025 to settle the bill, with the option to pay in instalments, reports the Mirror.
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