Whilst HMRC do now review the tax position for any tax year, this does take some time to complete the exercise. It is worth keeping an eye on the information available in your Personal Tax Account – https://www.gov.uk/personal-tax-account. You may find you are paying too much tax (or, sadly, not enough tax). Which would you prefer-more in your pay each month, or a tax rebate maybe 6 months or so after the tax year end? It should sort itself out in due course, but HMRC do not always get it right! A recent example – someone had 3 jobs – and one of these had ceased in early May. However, the employer had not notified HMRC of the cessation of the employment so £4000 of allowances were being set against this job and the balance against the ongoing job. As a result, too much tax was being deducted. It was necessary to ask the old employer to notify the cessation of employment.
If you would like someone to cast an expert eye over the tax position, please give us a call.
