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When did you last check your tax return?

The recent revelation about 1.4 million people in the UK have unknowingly underpaid their taxes over the last few years should hopefully prompt more and more people to check their tax returns in the future. While the reasoning for the underpayment of taxes would appear to be something of an administration issue, there is no doubt that millions of people in the UK have no idea of their tax code and whether in fact it is correct for their situation.

Many people automatically assume that correspondence received from HM Revenue and Customs and other taxation authorities in UK is correct when ultimately this may not always be the case. You need to check that the tax code on your payslip relates to the correct taxation code for your situation. While the authorities may well give those who have underpaid their taxes more time to cover with the shortfall there is no doubt that the authorities will eventually chase for the money.

If you're tax code is incorrect for your particular situation you can ask the authorities to review this which could result in a tax demand or possibly a tax rebate. However, the longer you leave the situation to drag on the more potential for problems in the future.

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