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 Accounting News & Insights

The HMRC Lottery: The 'Brown Envelope' Arrives!

4th September 2012

The letter box sounds, the post has arrived with the unsightly ‘brown envelope’ from HMRC proudly sitting on the doormat.  Sheer panic, or optimistic excitement – what’s inside? - a PAYE Coding Notice (the fifth one in so many weeks!), an unexpected tax calculation (P800) for an earlier year (how can I possibly owe any tax!?) or the pleasant surprise of a tax refund?!

So, can we the taxpayer, trust and rely upon the information presented before us by HMRC?  Sadly the answer is no.  My own experience has found that around one in four tax codes are incorrect, particularly for taxpayers with multiple incomes, company benefits and for those who are higher earners.  Such errors can lead to shock tax bills for taxpayers whom generally believe that their affairs are in order.  After all, your income has been subjected to ‘Pay As You Earn (PAYE)’ so surely you have nothing to worry about!?...

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Accounting News & Insights

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The HMRC Lottery: The 'Brown Envelope' Arrives!

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