Wrong Tax Taken From 5 Million

Wrong Tax Taken

Wrong tax – around 5 million people have either paid too much or too little tax, it has been revealed.

Approximately 3.5 million people will be notified they have overpaid their tax, with the average rebate being £379.

On top of this 1.6 million people will be in the less fortunate position of being about to be informed they have paid too little tax. The average underpayment will be £537.

Most of the underpayments will be collected by adjusting tax codes, meaning take home pay will be reduced.

The number of people who have not paid the correct amount of tax is slightly up on last year. This is in spite of steps taken to reduce the amount of coding errors there has been in the past.

HMRC has said that that moving jobs frequently and people having more than one source of income are two of the major reasons for the disparities.

Robert Oxley, the campaign manager for TaxPayers Alliance said that the taxman “was giving with one hand and taking with the other because of an overly complex and burdensome tax system that can’t keep up with peoples’ changing circumstances”.

He added: “We urgently need a simpler, fairer system that leaves everyone with more cash in their own pockets to spend as they choose.”

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.