According to reports, the Inland Revenue’s NIRS2 computer system has been overpaying rebates via pension funds to thousands of savers who have opted out of the state earnings related pension system for almost five years.
The mistake is said to have arisen because the ill-fated computer system failed to register that some employers were sending in duplicate information about their employees, and mistakenly counted the information twice.
The Revenue has demanded that the insurers return the overpayments, but it is feared the cash could be worth 40% less as it would have been invested into plunging stock markets.
Committee expresses concern about costs to businesses and April 2018 implementation date
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans