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CHECK YOUR TAX CODES

Due to a glitch with a new computer system at HMRC, many taxpayers are being sent the wrong tax codes for the next financial year, starting in April. Tens of thousands of people could end up paying the wrong amount of tax if the problem is not noticed and dealt with by individuals – with the worst cases over-paying by up to £100 a month!

The problem seems to affect those with more than one job, or those who receive employer benefits such as medical insurance. The new system is confusing benefits received from previous jobs, or even thinking you are still employed at previous employers resulting in tax code errors.

To avoid overpaying – you must read any tax code notifications you receive, and look at any deductions being made in order to spot any errors.

If you think your tax code is wrong – contact your local tax office straight away (details can usually be found on your coding notice or by asking your employer or pension provider). If you are still unsure you can visit the HMRC website at http://www.hmrc.gov.uk/index.htm.



Date Added: 10/02/2010 14:15:06

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