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When did you last review your tax code?

It may surprise many to learn that the vast majority of people in the UK have no idea what their tax code is or how it relates to their situation. The vast majority would not even know where to find a tax code on their payroll slip with even less chance of knowing their relevant allowances. Unless you review your own tax situation there is no way that the Inland Revenue will repay any tax they have taken in error.

As a consequence it is vital that you regularly check your tax situation, your tax allowance and what exactly you pay and when you pay. Tax is a very difficult subject to follow but with the assistance of professional tax advisers there is a possibility you could find yourself on the incorrect tax code and potentially in-line for a tax rebate.

The Inland Revenue recently announced changes to interest charges on overdue tax or tax which has been taken and is due for repayment to the taxpayer in question. Rather bizarrely the Inland Revenue will now charging 3.5% on any overdue tax to government, but any tax which they have taken in error will receive no interest charge. Quite how the revenue can justify this remains to be seen, but it is essential that you review your tax situation on a regular basis.

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