Link: Christmas tax credit woe
Because salary information used to calculate the amounts due to families are based on the previous year’s earnings, overpayments are ‘endemic’ within the system, according to the accounting firm.
‘The whole system is founded on the premise that people’s earnings remain the same from one year to the next, which is rarely the case,’ Ian Luder of GT told The Sunday Times.
Since its creation, the tax credits system has been fraught with problems, with over 200,000 families still waiting for their payments more than a year later, according to Revenue figures.
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