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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.

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