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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
If the UK taxman makes an error and under taxes you how long is it before you do not have to repay the tax? |
If the UK taxman makes an error and under taxes you how long is it before you do not have to repay the tax? It would depend whether you are Self assessed or PAYE. Self assessed is open for 9 years. Any error is ususally because you didn't fill the form in with all your income, so if the taxman does find you didn't pay tax on it all, they will come down on you quite hard. For PAYE it is only open for 6 years. Here errors are as often the employers fault as much as the taxpayer or taxman. If you are still employed, and the underpayment is not too high (under 拢2000), it is usually paid back over the next year by taking a little extra tax from each of your paypackets (your tax code gets adjusted to do this). Otherwise, they make you pay up in 30 days from the time they find the error, or make you Self Assessed (and then charge interest on the underpayment). p.s. You can't escape on the Isle of Wight - there is a tax office there too. Source(s): http://www.hmrc.gov.uk/ I don't think there is a time limit. Unfortunately you can't avoid the taxman unless you move to the Isle of Wight. They will get you in the end & they'll want the money asap. it is 6 years legally but if it is a very serious fraud issue with large sums of money they can actually go back as far as they want if they can prove it. |
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