Rules to Change for Underpaid Tax
Taxpayers will no longer have underpayments written off for the reason that they had no reasonable way of knowing they had paid too little tax.
Last year 41,766 people had £54 million of underpaid National Insurance and Income Tax written off.
The Extra Statutory Concession A19 currently allows underpayments of income tax to be cancelled in the circumstances that the taxpayer had a reasonable belief that the correct amount of tax had been paid.
Many underpayments are caused by wrong tax codes being issued due to people changing jobs or starting to take a pension.
In the future though, the onus will be placed on the taxpayer to do necessary checks to ensure that they have paid the right amount of tax by the end of the tax year.
If taxpayers don’t do the appropriate checks, they will be unable to apply to have unexpected bills cancelled.
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.
