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HMRC admits possible tax miscalculation

Thousands of UK employees are unsure as to where they stand after a breached HMRC email revealed their 2014 final bills may not have been calculated correctly.

The Telegraph has reported that the private exchange showed those who either overpaid or underpaid income tax in 2014 may yet to have paid the correct amount.

Most employees have been given refunds or demands already, but will be subject to a second recalculation. HMRC will not be sending any repayments before the issue has been resolved.

This is the second major blunder by HMRC in four months. In June, it collected an incorrect tax figure from more than five million people over a 12-month period leading up to April.

HMRC estimates fewer than 100,000 workers will have been subject to the error but confessed it was unaware as to how big a problem this is.

The email, sent directly to senior HMRC accountants and other staff members, said:

“We are urgently investigating these cases and will look to resolve the matter in the next six to eight weeks.

“We currently do not know the scale of the issue but some large employers are involved, so several thousands of employees may be affected.”

The situation only serves to show the importance of a business keeping accurate accounts, as any discrepancies would only serve to extend such a problem. Businesses should consider hiring an accountant in the Wirral to ensure records are straight, accurate and capable of satisfying HMRC.

Posted by Louise
October 16, 2014

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