The Inland Revenue has revealed one in 20 tax statements it sent out have been miscalculated, writes Alex Miller.
The admission comes as millions make frenzied preparations for this month’s self-assessment deadline. It is feared the error could lead to many taxpayers paying too much and to accountants being inundated with queries.
Revenue figures found 5% of the nine million returns from last year were incorrect. But the Revenue pointed out many of the misleading statements have arisen as a result of incorrect information submitted by the taxpayer.
A spokesman for the Revenue, said: ‘It is imperative to remember a number of miscalculated tax returns come as a result of incorrect information sent to us.’
KPMG tax partner John Battersby, said: ‘The Revenue has nine million customers, so it is not surprising we have seen one or two cases where unexpected amounts have cropped up on statements – however for a client to have an inflated tax demand is not a happy new year’s present’.
Meanwhile, the Revenue estimates 800,000 taxpayers will miss the 31 January deadline, boosting Treasury coffers by #80m. Some 125,000 returns are expected to be filed electronically.
Full story on the Revenue’s new call centre at www.accountancyage.com/Tax/1115566.
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