PAYE reconciliations show sharp improvement

PAYE reconciliations show sharp improvement

Around 1.2 million people underpaid PAYE in 2010-11, down from 15 million the previous year

PAYE RECONCILIATIONS have shown a sharp improvement from last year, HM Revenue & Customs officials have said.

The number of people receiving repayments for the 2010-2011 tax year will be between 1.7 million and 3.5 million; they will receive less than last year’s average repayment of £340, a Revenue official told Accountancy Age.

Around 1.2 million people have underpaid tax, with an average underpayment of between £500 to £600. These numbers will be clarified following further review in July.

Last year, it was revealed that up to 15 million taxpayers were affected by problems moving to the new National Insurance and PAYE Service computer system. This resulted in an estimated £2bn underpaid and £3bn overpaid tax revenue.

HMRC is said to be more optimistic this year and there is a feeling there that the systems have genuinely improved.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource