Incorrect Tax Codes – What to do if you think your Tax Code is incorrect.
HMRC has recently introduced a new system - NPS, National Insurance & PAYE Service. The transition to the new system has brought to light that some individual's record have discrepancies. This has resulted in some people having the wrong tax code issued.
If you think that you have been issued with an incorrect tax code, the HMRC offers the following advice, “You should check your tax code using the guidance included with the Coding Notice... If you think that it may be incorrect or if you do not understand an entry on it, please telephone us on the number printed on your Coding Notice or 0845 3000 627”
Don’t worry though , if a mistake has been made then a new tax code notice will be issued, and your employer will follow that code to correct any over or under payment.
For more details on tax codes you can look at HMRC Website, or call Simplify on 01332 595959 for advice.
Other News
IR35 – Too early to start the wake now
You can almost hear a pin drop, as the entire contracting world holds it’s collective breath waiting for the outcome of the review into IR35.
You can almost hear a pin drop, as the entire contracting world holds it’s collective breath waiting for the outcome of the review into IR35.
At least it seems that the fact that a review is happening
has been universally welcomed, and most commentators would agree that it is
difficult to imagine anyone coming up with a more confusing set of rules than
we have in place now.
Retrospective tax nightmare for Contractors using Offshore Trusts
A recent High Court ruling, Huiton v HMRC [2010], could spell financial ruin for those who have used Offshore Trusts in the past.
An Offshore Trust is an arrangement where a Contractor becomes a trustee of an Offshore Company, and gains the income they are due in the form of a trust, typically based in the Isle of Man and takes advantage of the Double Taxation Agreement between the UK and IOM so that income tax is not due on the trust in the UK.
Read more »
Latest News
NMW Consultation - What it means for Contractor Expenses
The government has recently published the finding of a
consultation into National Minimum Wage Workers – Travel & Subsistence
Expense Schemes.
The findings back the way Simplify Umbrella deals with our Contractors expenses, and Simplify's MD, Emma Hainsworth calls for the recommendations to become law.
