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Tax Chat - Faced with an unexpected tax bill ?
Faced with an unexpected tax bill ?
New rules now enable HMRC to collect up to £3,000 of tax using your PAYE tax code.
HMRC have previously only been allowed to adjust PAYE tax codes to accommodate underpayments of less than £2,000. If you wish to take advantage a request will need to be made to HMRC in advance of 31 December 2011 for 2010/11 returns – so hurry!!
This is potentially good news for anyone who has a tax liability of less than £3,000 – not only does it give an opportunity to postpone paying tax to a future period, but the liability is repaid on a monthly basis interest free.
For further information or to discuss, please contact Lesley Sutton on 01484 550037 or taxchat@revellward.co.uk
