July 6th, 2011

HMRC grab-back from pay packets set to rise

The taxman will be allowed to claw back up to £250 per month from the pay packets of people who have underpaid their tax.

From April next year, the maximum HMRC can collect via PAYE will increase from £2,000 to £3,000 with maximum monthly payments rising from £157 to £250. This should be generally helpful for taxpayers as it makes it less painful to have it taken from your salary rather than writing out a cheque.

You may still pay it off in a lump sum if you telephone the number on the P800 Tax Calculation Form (sent to those who have paid too little or too much tax) if you prefer.

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by John Mansley FCA
Director

John manages a wide portfolio of owner managed businesses and oversees the smooth operation of the firm’s payroll department.

After obtaining his degree in mathematics from the University of Liverpool, John joined Jonathan Ford & Co in 2004 and qualified as a chartered accountant four years later. John likes to keep abreast of developments in tax and accounting and is responsible for the mentoring of junior staff.

Outside of work, John enjoys powerlifting and is a Liverpool FC season ticket holder.