Tax Code Notices. Will you be paying too much?
Wallace Crooke Accountants are advising that tax coding notices that you or your employees have received for the 2010/11 tax year are checked carefully as many are expected to be incorrect and may lead to too much tax being deducted from your salary.
This has happened because this year HMRC has introduced a new computer system to correlate all the information that their systems hold in order to produce tax codes for employees.
HMRC have admitted that the new system has brought to light some discrepancies in their records which may have resulted in some incorrect coding notices being issued.
The basic personal allowance for 2010/11 is £6,475. If yours is different to this and you cannot explain why then advice should be sought.
If you would like help with this or any other aspect of Taxation please contact Wallace Crooke & Co Accountants either by phone or e-mail.
Telephone 01922 612287