HMRC admits problems with some tax codes
After the Chartered Institute of Taxation warned of problems with some personal tax codes recently issued to the UK public HM Revenue and Customs (HMRC) has today issued its own statement. The Revenue has admitted that a number of incorrect tax code correspondence has in fact been sent out which was in the main due to the transition of data to a new computer system.
It would appear that a number of discrepancies have arisen in existing records which have seen various incorrect tax codes produced. HMRC believes that the vast majority of tax codes sent out over the last few months are correct but those who believe there may be issues with their recent tax correspondence should contact HMRC direct. However, one problem is the fact that many people have never ever reviewed their tax codes and could end up paying upwards of £1,000 in additional taxation in the tax year 2010/11.
This incident proves that we should all be aware of our tax situations and ensure that the information that we send to the revenue and receive from the revenue is relevant to our situation. Discrepancies in your tax returns can prove to be very expensive although some people may be dismayed to find they will have to alert the revenue themselves if they believe their new tax codes are incorrect.
Share this..
Related stories
US government shows the way with GM bailout
The US government, together with its Canadian counterpart, are putting up $30 billion to save the stricken car manufacturer General Motors. When you compare this to the UK government and its unwillingness to invest significant funding into the UK industry they could not be further apart. Quite why the UK government has taken such a negative stance when compared to the US authorities is unclear but...
Read MoreCash back for consumers as tax rebate kicks in
Around 22 million Britons are set to receive a £60 tax rebate this month.The government is set to raise the personal allowance of those paying the new 20p tax band - the amount which they can earn and not be taxed - by £600 to £6,035 from next week.This will not only allow the rebates, but will also lead the taxpayers to receive £10 a month on each paycheque until the financial year is complet...
Read MoreRoyal Bank of Scotland faces £500 million loss on Cattles
As we have covered on a number of occasions over the past few weeks, Cattles, the doorstep lender, has hit serious financial trouble. Despite a fairly upbeat start to the UK recession the business has suffered from a chronic increase in clients defaulting and the company's inability to obtain a banking licence from the UK authorities. The ability to hold customer funds on deposit would have allowe...
Read MoreG20 leaders set to tighten bank financing regulations
The forthcoming G20 meeting will see a flurry of promises and objectives announced with one of the major plans set to revolve around banking finance. There is a feeling that the financial regulations which cover the worldwide banking sector will be tightened to ensure that additional capital is held on the balance sheet as a buffer between the good times and the bad times.
If these...
RBS unveils manufacturing sector lifeline
Royal Bank of Scotland (RBS), 84% owned by UK taxpayers, has today revealed a £1 billion fund which has been put to one side purely and simply to assist the UK manufacturing sector. This is a sector which has been in terminal decline for many years and one which has been pushed to the limit over the last few months. Manufacturers in the UK will be able to apply for funding from £250,000-£25...
Read More