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when he said “In this world nothing can be said to be certain, except death and taxes.”
A brown envelope from HM Revenue and Customs dropped onto my door mat this morning. I owe them £2279.20 for underpayment of Income Tax through the Pay as You Earn (PAYE) system for the years 08/09 and 09/10.
Apparently if you owe them more than £2000 they do not alter your tax code for the financial year commencing 2011. They are going to contact me after 31 December 2010 about how to pay. However, they said if I don’t want to wait that long, I can contact them and pay by cheque.
Dame Lesley Strathie, HMRC’s chief executive said she expected the system to produce fewer erroneous tax payments during 2010/11, but warned that more mistakes are likely over the next two years. “It’ll take us another year after that before it’s a stable system,” she said.
Best I put some emergency money aside for the next couple of years then.
It swings both ways, I got a brown envelope today and dreaded opening it, I have been awarded a £461 rebate.
I will await my mail for the next few days/weeks with trepidation then. Anything can happen.
Don't know if it still applies, but a number of years ago I was in 'consultation' with the 'Inland Revenue'. I owed them money, and they owed me a larger amount. Taking all into consideration I asked if they could deduct the lower amount which I owed from the larger amount and give me the balance. Sorry no can do, you have to clear your debt first, then we will release the cheque for what we owe you was the answer. All to do with the 'Inspector' of taxes and 'Collector' of taxes apparently.
With the recent confusions, it would appear that little as changed.
'Death only happens once, taxes are every year'
Don't do anything hasty,it might be an error
Alternately: Theres always the Cayman Islands
Unfortunately it is no error. I’ve gone through their figures and they are correct. I have underpaid my Income Tax by £2279.20p. In all honesty, I wasn’t aware that I owed any tax until this morning. It was quite a shock, but if I owe it, then so be it.
I don’t think they’ll be asking for their money this year though, as HMRC has said it is prioritising repayments to vulnerable groups first. There is also delay in handling cases due to a combination of a historic backlog, which once reached 30m, the additional work created by problems with the new computer system and a shrinking number of staff. HMRC has cut 20,000 jobs since 2006 and aims to shed a further 5,000 by next year.
If you have a query about tax, you might find this website worthwhile click here (Low Income Tax Reform Group)
Regarding the latest tax, click on the side panel Paye Tax Calculations- Round Two.
I got a cheque in the post this morning from the Inland Revenue for the princely sum of £39.74 (2008-2009). Delighted because I thought I might be one of the unlucky ones who has to pay back a few thousand.
Well if you read Private Eye you'll know one of the guys (forgotten his name) in HMRC was involved in tax evasion and helping his friends in big business avoid tax. Nice to know isn't it? Obviously you will have to pay but if you earn megabucks then no - you are fine! The joy of capitalism.
Kinda like the one who owns TopShop/TopMan who owes lord knows how much in tax who advised the gov't on spending cuts and how to save money. The irony is clearly missed by many.
"...helping his friends in big business avoid tax."
As we've pointed out many times, it's perfectly legal to avoid tax, and perfectly legal to advise people about how to do it.
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