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.
“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.
- 1 Abolishing BBC licence fee is 'sparpling' from bigger issue
- 2 Exmouth care home launches new grant to tackle loneliness
- 3 How can you help Exmouth?
- 4 Temperatures drop to -5C in Devon - but how's the weekend looking?
- 5 Record level of police numbers will soon have a positive effect on our communities
- 6 Careless charity shop donors cost Devon Air Ambulance money
- 7 Exmouth Harriers turn to the Countryside
- 8 Live grenade training to resume on Woodbury Common from next month
- 9 Members of South West drugs gang jailed for combined 40 years
- 10 Law firm invites students to apply for work experience placements
“You should not just assume that HMRC has got it right,” he added.