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28 Jun 2011
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.
Further reading
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.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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