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.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year