Stock Market News
Tax office warns many records may be wrong
08-09-2010 15:18
| Add To Google +1 | Tweet |
As many as nine million employment files held by HM Revenue & Customs could be wrong, according to an internal review.
With around 45 million record held, one in five may contain mistakes, raising fears that people won't be paying the correct amount of tax this year.
It's another big problem for the tax office which has just started sending out letters to tens of thousands of workers telling them they've been on the wrong tax code since 2008.
Almost 1.5m Britons face having to cough up around £1,500 to cover a shortfall in tax paid.
HMRC has been worrying about the accuracy of its records since January when it installed a new £400m computer system. The machine may have generated the wrong tax codes for 2010-11.
That convinced HMRC to review all its employment records, which has found 9.3m of them "potentially at risk of error".
Taxpayers have been urged to check their codes and tax bills, although HMRC insists all the problems have been rectified.
With around 45 million record held, one in five may contain mistakes, raising fears that people won't be paying the correct amount of tax this year.
It's another big problem for the tax office which has just started sending out letters to tens of thousands of workers telling them they've been on the wrong tax code since 2008.
Almost 1.5m Britons face having to cough up around £1,500 to cover a shortfall in tax paid.
HMRC has been worrying about the accuracy of its records since January when it installed a new £400m computer system. The machine may have generated the wrong tax codes for 2010-11.
That convinced HMRC to review all its employment records, which has found 9.3m of them "potentially at risk of error".
Taxpayers have been urged to check their codes and tax bills, although HMRC insists all the problems have been rectified.
| Related share prices |
|---|
Stock News is provided by Digital Look Corporate Solutions from Sharecast news. Please read the terms and conditions of useage of this data. Republication or redistribution of content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Digital Look Ltd.
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- UK 100 Shares
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways share price
- Centrica share price
- Tesco share price
- National Grid share price
- RBS share price
- GSK share price
- Marks and Spencer
- Rolls Royce share price
- Banco Santander price
- Rio Tinto share price
- Amec Share price
- Corac share price
- Lookers share price
- Telecom plus share price
- Kier share price
- Punch taverns price
- Blinkx share price
- Tan share price
- Yell share price
- Rsa share price
- Pendragon share price
- Logica share price
- Bat share price
- Sky share price
- Kingfisher share price
- Dragon Oil share price
- Desire Petroleum share price
- RRL share price
- BPC share price
- VOG share price
- SAR share price


Prices

