News in brief
Income tax overpayments

Approximately 1m people are being advised to check their tax returns because of widespread errors by HM Revenue & Customs (HMRC). The National Audit Office recently said that in the 2006/07 tax year, HMRC miscalculated income tax in 5 per cent of cases, or 1m returns.

Taxpayers underpaid by £125m, but overpaid by £175m. HMRC pay interest of only 3 per cent on overpaid tax against the 7.5 per cent it charges if you underpay. The average underpayment was £250, and the typical overpayment was about £290.

If you require any further information about the services that we provide or would like to review your financial planning position, please email or contact us.
Article date: 08.07

Articles are copyright protected by Goldmine Publishing Limited 2007. Terms and conditions apply. Unauthorised duplication or distribution is strictly forbidden.
Go Back

Absolute Financial Management Ltd is authorised and regulated by the Financial Services Authority. The Financial Services Authority does not regulate taxation and trust advice and some aspects of buy to let arrangements.

We are entered on the FSA Register No 401135 at www.fsa.gov.uk/register. Registered in England No.05027747.
Registered Address: 50 Havelock Road, Hastings, East Sussex, TN34 1BE

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice, the precise amount of the fee will depend upon your circumstances. Please contact us for an estimate.

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the United Kingdom.

Site by BedfordBeck