Money Matters Blog from Coventry Accountants Fox Evans
Don't assume the Tax Man is always right!!
Look out for your new tax code from HMRC!!
Employees should expect to receive their new PAYE coding notice for 2010 / 11 from H M Revenue & Customs any time between January and March 2010.
However, Fox Evans Accountants in Coventry are advising, employees should check their coding notice carefully as HMRC are using a new system for the first time this year to issue the notices, and more employees than ever are expected to receive them.
Fox Evans Accountants explain "Don't assume that because you receive something from the taxman that it is correct" - "your tax coding notice should always be checked to ensure it matches your personal circumstances".
Unless mistakes are spotted and reported to HMRC for correction, the first you will know about it will be in April's pay - which may be considerably lighter than usual!!
Fox Evans Accountants advise you should pay particular attention to your PAYE code if you have recently changed jobs as common errors are occurring where an individual has changed job in the past year, as the system appears to have lost some of the data relating to people leaving jobs, and therefore has the employee as holding two jobs and earning higher amounts than they actually do.
The basic personal allowance for 2010 / 11 is £6,475 for most people aged under 65 so if yours is different to this and you cannot explain why, advice should be sought.
If you receive a new tax code and are unsure if it is correct or not, you should seek professional help!
If you need advice on any aspect of Taxation or Personal Finance or would like to Fox Evans Accountants a question, simply send an email:
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Member since: 16th June 2010
I'm a part-time accountant, working 2 days a week for Fox Evans Accountants in Coventry, where my job is mainly helping small local businesses with their bookkeeping, VAT and payroll requirements.