Despite an increase in the number of families that were overpaid their tax
credits in the last year, the government said the full implementation of new
measures would reduce overpayments in future years by around a third.
The new measures first take effect during the 2006/2007 tax year.
Latest statistics for the 2004/2005 tax year revealed that a total of £1.8bn
in tax credits was overpaid to 1.96 million claimants, compared to £2.2bn paid
out to 1.88 million claimants in 2003/04.
Families do not have to pay back overpayments as long as it is the
government’s fault the BBC reported.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy