Are you paying too much tax?
Victoria Bishop, Tax Partner at robinson+co, is concerned about a recent report from the National Audit Office which suggests that over 1.5 million older taxpayers are paying too much tax.
The tax affairs of the retired person can – ironically – be more complicated than those of people still in employment. They may have more than one private pension as well as the state pension. Basic tax allowances for the older person can also be complicated as the allowance will change depending on your total income.
The report states that the older person is disproportionately affected by the complexities of the tax system.
The NAO suggests that HMRC has to work more closely with other government departments in order to make life easier for the older taxpayer.
In the meantime though, contact Victoria at robinson+co on 01900 603623 if you wish to check your tax position.
A warning though: the report also states that half a million older taxpayers are paying too little tax!