Millions Affected by PAYE Mistakes
Millions of people have paid the wrong amount of tax in the UK, it has been revealed.
Around £2 billion has been underpaid via Pay as Your Earn (PAYE) with 1.4 million people owing an average of £1,500 each.
A further 4.3 million people have paid too much tax and will be due a rebate, sharing around £1.8 billion in total of overpaid income tax.
A new software system was introduced in 2009 that has allowed more errors to come to light as well as the granddaddy of all blunders prior to that.
Millions of letters are now due to be sent across the country informing tax payers of mistakes made in their tax contributions.
The average rebate is said to be around £418.
Those who have paid too little tax will not be asked for one off payments; instead their tax codes will be altered next year in order to recoup money for the Treasury.
Some have criticised HMRC for intending to reclaim the underpaid tax.
Labour MP George Mudie, a Treasury Select Committee member said:
“If they want money, they take the money and very rarely are they prepared to consider, even when they make mistakes, not taking the money.”
In June, a review of the PAYE system was ordered, with the public being encouraged to contribute to any improvements that can be made.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
