Sheffield based Accountants and Business Advisers
Tel: 0114 288 0775     Email: info@firstaccountancy.co.uk

HMRC Dynamic Tax Coding


HMRC have introduced computer controlled updates to tax codes which can affect your cash flow
The new system has recently started and a number of clients have received new tax codes for the current tax year ending 5th April 2018 . They do not seem to have coded into the calculations, anything about clients paying through self assessment,
A number of clients who have submitted Self Assessment returns have received tax coding to collect the money by 5th April 2018, so if these go through and the SA return is paid the client may pay twice.
This effects mainly directors of limited companies and employees with other incomes eg dividend income, property income etc
So if clients receive these codes they should contact their accountant to avoid problems.

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