All tax software is based on HMRC software standards that currently contain glitches that affect two specific groups of people, resulting in overpayments of tax up to £1,000. The groups affected are:
1. taxpayers with non-savings income between £11,000 and £16,000 which when combined with their savings income totals £32,000 or more who will lose the full benefit of the savings rate band and therefore overpay by up to £1,000, if they file online; and
2. taxpayers with non-dividend income between £27,000 and £32,000 that when combined with their dividend income will total £145,000 or more will not receive the full benefit of the dividend tax allowance and therefore could overpay by up to £280, if they file online.
If you find yourself in either of these categories and require assistance, please contact Oliver Barker on 01245 493939.
This is not legal advice; it is intended to provide information of general interest about current legal issues.