Bear in mind that this real time adjustment is only for underpayments, taxpayers who are overpaying because of an erroneous tax code will have to wait.From April 2019 HMRC will have the power to adjust people’s tax codes in real time to compensate for any underpayment of tax.— The Morning Account (@MorningAccount) November 24, 2017
Why?
The government is bankrupt, and HMRC's stated objective is to maximise revenue!
Tax does have to be taxing.
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Bear in mind that so-called 'dynamic coding' has already been a catastrophe. As it is fully automated with little or no possibility of over-riding duff information (either from employers or from other IT systems within HMRC, DWP, SLC, etc.), the number of codes being issued which are wrong to the point of absurdity (someone having their annual pay estimated at £200k when they're a care worker on less than a tenth of that, for example) has increased massively in just a few months.
ReplyDeleteIf codes are going to be 'adjusted in real time' to collect underpayments, then the results are likely to be Screw-up City for an increasing number of 'customers'. And the smart-arses behind the idea will, of course, 'do a Hartnett' and be allowed to waltz off to a big job somewhere else with no consequences for them.