Posted by Nick Day on 05 Oct 2011
Her Majesty’s Revenue and Customs (HMRC) are in the process of contacting up to 1.2 million people over the next three months to notify them that have tax underpayments for the year 2010 – 2011.
Computing errors in the PAYE system mean that those affected will have to pay back an average of £550, but this is unlikely to be collected as a lump sum and will instead be collected in the year 2012-2013.
If this was not painful enough for the many people liable to pay the shortfall next year, HMRC have recently completed the process of refunding an average of £340 to over 3 million people who overpaid in the year 2010-2011!
Tax Innovations can help with Tax Underpayments
If you think you may be affected by the HMRC errors and would like any advice on the issue, please contact us for an initial consultation.
- The Import One-Stop Shop (IOSS) for EU VAT
- UK Property Sales: Capital Gains Tax for Non-Residents
- Capital Gains on Residential Property
- Top 10 Expat Tax Tips for Individuals Moving to the UK
- Family Investment Companies