Recently, HMRC have been informing significant numbers of people that they no longer need to file tax returns, as more sources of income, benefits and tax reliefs can now be accounted for through PAYE tax codes.
The concern is this still requires HMRC to have accurate information about your sources of income, which is not always the case.
In a recent freedom of information request by UHY Hacker Young, a network of chartered accountants, it was disclosed that HMRC overcharged employees £3.5bn in income tax last year, with 5.6m people paying too much due to mistakes on tax codes in the PAYE system.
As a result, we are offering two solutions to give you peace of mind that you have paid the correct amount of tax.
Tax Position Review
If you have been told you no longer need to file a tax return, one can still be filed on a voluntary basis, to confirm your tax position with HMRC. We will assess your tax position and advise whether it would be beneficial for you to file a tax return. This is purely an advisory service and if filing is prudent, there would be no obligation for you to appoint Acquis to file on your behalf.
Tax Code Notice Review
Tax codes are used by employer/s and/or pension providers to work out how much Income Tax to collect from your pay or pension.
Our tax code review service is for those who either no longer need to file a tax return or file their own tax returns but still want the assurance of an accountant reviewing their tax position.
We will:
- Review your tax code(s) for the current tax year to confirm whether the correct amount of tax has been deducted
- Review your tax code(s) for the following tax year to determine whether they are appropriate, saving potentially nasty surprises down the line if the tax code elements are not correct
- Speak to HMRC on your behalf to resolve any inaccuracies in your tax codes, saving you the hassle of doing so.
If you are interested in taking up the service, or would like any further information, then please do get in touch.