New pensioners warned of tax-debt
PUBLISHED: 12:09 08 September 2011
New state pension claimants could be in danger of building up debt, a tax expert has warned.
Paul Aplin advises on tax matters in the region, and said that pensioners should check their tax bill carefully.
HM Revenue & Customs (HMRC) is currently sending out new tax calculations for 2010/11.
Last year, the introduction of a new computer system resulted in a slew of incorrect calculations.
He said: “HMRC has said that it will again write off small underpayments this year, but it has changed its definition of ‘small’ from last year’s £300 to £50.
“If you owe between £50 and £3,000, this may be collected through your tax code, rather than as one payment, and HMRC may consider collecting amounts of more than £3,000 over two or three years.”
He said that, if people are in doubt, they should contact HMRC, or their accountant.
“You should not just assume that HMRC has got it right,” he added.