Tax code errors – some good news
The recent tax coding issue is is of concern to a lot of the working population, but 900,000 will be relieved to know that they have had their underpaid tax written off. This is if they are under the threshold of £300 underpaid tax (increased from £50)
Those who have between £301-£2000 of underpaid tax will have this extra tax taken out of their future payroll at source.
The positive news is that if the amount is over £2000 on their P800, they will not be charged interest on this amount. This is dependent on an open dialogue with HMRC, and agreement to pay.