HMRC are to send out letters next week detailing the finding of its reconciliation of PAYE taxation from the 2011/2012 tax year.
3.5 million people will be happy to hear that they will be due a refund, an average of around £380, however it's not all good news.
1.6 million people will be facing demands for underpaid tax, the average amount due of around £540.
The process also occurred in 2011, but the notification letters are being sent nearly two months earlier this year to make sure everything is updated as soon as possible.
Adjustments are not normally required if you only have a single source of income, or if you send a tax return every year.
However, tax adjustments are required in the following circumstances:
- If you have changed jobs during a tax year
- You have multiple income sources, i.e Pensions
- You have been on an incorrect tax code or emergency tax code
- You have benefits in kind or other tax based allowances/deductions
If you are worried/anxious about receiving a letter and want to check your tax now, hop over to UKTaxCalculators.co.uk.
Whether you have one or multiple income sources the tax calculators will accurately be able to check how much tax you should have paid.
Try the tax widgets below or get straight over to the
tax calculator:
