Back to basics - tax codes
Recent press reports indicate that HMRC have over-collected millions of pounds as around 4.5 million taxpayers have incorrect tax codes.
Apparently there were 20 million queries on tax codes in March 2009, up from around 16 million last year.
I have to say this does not inspire confidence in the system, and if you consider new complexities, eg withdrawal of higher rate relief on pensions, it looks as if things will only get worse!
Cathy Corns is a tax adviser and a partner at Mercer & Hole. The views given in this blog are personal to the author.
Date: 21st August, 2009
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