Business News - July 2010

Fish Partnership advises on automated tax bills

High Wycombe-based chartered accountants Fish Partnership are advising clients that HM Revenue and Customs (HMRC) has completed the next stage in the upgrade of its NI and PAYE Service (NPS), which will see many taxpayers receiving automated bills for the first time.

HMRC carries out a review at the end of each tax year to ensure the amount of tax they had paid that year using PAYE was equal to the amount the individual ought to have paid according to their tax code.

Tax manager Amanda Morris said: “This review used to be carried out manually by HMRC staff, but the new system works this out automatically, and will contact individuals which it believes have under- or overpaid tax.

“However, this system has been shown to have its problems, having previously issued a number of incorrect tax codes at the start of this year. Therefore, anyone receiving an automated notice should check carefully for errors."

Anyone who completes a self-assessment tax return should not need to worry as the calculation they make on tax due will override any automatic calculation by HMRC.

For more information please contact Fish Partnership on 01628 527956.

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