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.
Report argues that the government must change the way it makes tax and budget decisions
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC