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John Andrews of the Low Incomes Tax Reform Group gives some timely advice about what to do if you have received too much Tax Credit. Tax Credit OverpaymentsThe amount outstanding in tax credit overpayments at April 2008, according to the latest available statistics, was estimated to be around £1 billion. At the same date, more than one million tax credit awards were overpaid. Some overpayments arise because of the normal operation of the system but a large proportion happen because of errors. Some of those errors are made by the claimant, but many can be made by HMRC who administer the tax credits system. It is sometimes not obvious to a claimant that an overpayment has arisen; it is even more common for HMRC not to be able to explain accurately and clearly why the overpayment arose. With that background Low Incomes Tax Reform Group has produced a guide Tax Credit Overpayments to everything you might want to know about how an overpayment arises and what you might want to do about it.
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About The Author The Low Incomes Tax Reform Group (LITRG) is an initiative of the Chartered Institute of Taxation to give a voice to those who cannot afford to pay for tax advice. LITRG comprises tax specialists from professional practice and the voluntary sector, from publishing and from HM Revenue & Customs, together with people from a welfare benefits and social policy background. Visit www.litrg.org.uk for further information. |
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Article Added Saturday, 01 August 2009 | 1577 Hits |
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