I have been the subject of a tax enquiry, and letters have been flying between myself and the tax office for the last few months. We now seem to have reached the end of the road paperwise, and the taxman has asked to see me next week to conclude the case. Given that the position I am in has been explained clearly and from day 1, but has not been accepted, I presume that this meeting will result in us agreeing to disagree, and I will have to return the tax rebate.
I am currently a higher rate tax payer, but from 1 Jan will retire and be living off a pension. I understand that the reclaim of tax will be made by changing my tax code from April 06. My questions are:
a) what happens if the reclaimed amount is more than the monthly income? (which it will be by a factor of about 2.5)
b) is there a maximum percentage of my income that the taxman can take back each month?
c) will interest still be accruing if I pay back by installments?
d) what other alternatives do I have?
Many thanks
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