New pensioners warned of tax-debt
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.
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“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.
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“You should not just assume that HMRC has got it right,” he added.