More on tax error underpayments
The taxman has finally switched on his computer and this appears to have produced reports that he likes the look of - we owe him money!
Even more incredibly a fair number of citizens will be receiving tax refunds, having overpaid tax for the tax year ending 5 April 2009 or the following tax tear. Readers may be interested in what local accountants DNG Dove Naish have to say on the issue: "You may have heard that HMRC's computer has burst into life - somewhat belatedly - and they have arrived at a reconciliation of tax under and over paid for the years ending 5 April 2009 and 5 April 2010. The so-called errors have arisen because previous attempts at computerisation of tax payers' records failed to do this; to reach a formal reconciliation of all sources of incomes and allowances at the end of each tax year. Tax payers who have submitted a tax return are unlikely to be affected. The notices of under or over payment currently being distributed by HMRC are likely to affect those who were not required to submit a return."
So what's to do? Some of the errors with underpayments are in excess of £2,000. DNG Dove Naish offer the following advice: "There is one course of action to be taken, especially if an underpayment has arisen - make sure that HMRC's calculations are correct! Check the numbers. Take impartial, professional advice and we would be more than glad to help out."
Posted by: D N G Dove Naish
