In a bid to help people to better understand tax and how it works in different situations, such as retirement and running small businesses, HMRC has launched a new ‘Tax Confident’ website.
Tax Confident
Introduced earlier this month, the Tax Confident website provides simple explanations, videos and examples of real-life situations.
It looks at areas such as:
- Tax in Retirement
- Working Life
- Small Businesses
It also covers tax basics; breaking down the key building blocks of everyday tax, such as Income Tax, National Insurance and the Personal Allowance.
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Taxpayer errors costing billions of pounds
The new website has been created to help people feel more informed, capable and in control of managing their tax.
There’s also the added benefit of potentially preventing taxpayer errors that are currently costing billions of pounds each year.
For example, the latest tax gap statistics from HMRC show that £7.1 billion a year is lost to error, with a further £14.6 billion lost to failure to take reasonable care.
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