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Tax code warning 'could highlight umbrella company benefits'
HM Revenue and Customs must do more to let people know that they have been sent the wrong tax code, a leading organisation has claimed, highlighting the benefits of using umbrella companies.
The Chartered Institute of Taxation (CIOT) has called for action to be taken to correct this information before it costs IT contractors hundreds of pounds.
CIOT claimed that the number of tax coding notices being distributed this year has doubled from 2009, with a significant proportion of these being wrong.
Andrew Hubbard, president of the organisation, claimed that those with PAYE are at risk of assuming the information being sent to them is correct, highlighting the benefits of dealing with tax through umbrella companies.
He stated: "Unless they spot it and tell HMRC, their employer will receive the wrong information too, and they could get a nasty shock when they open their April pay packet."
The benefits of umbrella companies were also recently highlighted by the Guardian's Richard Colbey, who highlighted the complexity of completing an online self-assessment return.
The Chartered Institute of Taxation (CIOT) has called for action to be taken to correct this information before it costs IT contractors hundreds of pounds.
CIOT claimed that the number of tax coding notices being distributed this year has doubled from 2009, with a significant proportion of these being wrong.
Andrew Hubbard, president of the organisation, claimed that those with PAYE are at risk of assuming the information being sent to them is correct, highlighting the benefits of dealing with tax through umbrella companies.
He stated: "Unless they spot it and tell HMRC, their employer will receive the wrong information too, and they could get a nasty shock when they open their April pay packet."
The benefits of umbrella companies were also recently highlighted by the Guardian's Richard Colbey, who highlighted the complexity of completing an online self-assessment return.
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