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.
You may also want to watch:
“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.
Most Read
- 1 Young stage stars tell magical story of Matilda
- 2 Supermarket chain planning four new stores in East Devon
- 3 New meeting place needed for nattering knitters
- 4 Century celebrations ahead for wartime evacuee Joan
- 5 Fantastic fight night return for local boxing
- 6 Exmouth's 'kite twins' triumph in national freestyle championships
- 7 Photographers invited to share their favourite images
- 8 Explanation needed for failure to fulfil election pledge
- 9 It's official - Devon is one of the most popular places to live
- 10 GP teams have seen 14% increase on pre-pandemic levels
“You should not just assume that HMRC has got it right,” he added.
