Latest news with #P60
Scottish Sun
7 days ago
- Business
- Scottish Sun
HMRC warning to check codes on letters as workers are owed £700 each – check if you're affected
Find out how to check if you could be eligible TAXING TIMES HMRC warning to check codes on letters as workers are owed £700 each – check if you're affected BRITS are being urged to check their tax codes immediately as thousands could be due a £700 refund from HMRC. It comes as the May 31 deadline has passed for employers to issue P60 forms – a crucial document that confirms how much tax you've paid in the last financial year. 1 Thousands could be owed £700 from HMRC Credit: Alamy But tax experts are warning that many workers could be on the wrong tax code without even knowing it, potentially costing them hundreds of pounds. One in three Brits has been on the wrong tax code at some point, with average overpayments hitting a hefty £689, according to research by Canada Life. The blunder means HMRC could be sitting on billions in overpaid tax and the only way to get it back is to check your details and flag it. Taxpayers should double check the 'final tax code' on their P60 that's the string of letters and numbers near the top of the form. Codes like "BR", "D0", or "D1" should raise a red flag. These mean you may have been taxed at a flat rate with no tax-free allowance. Anyone who stayed with the same employer up to April 5 should have already received their P60, either in the post or digitally. And while it may be tempting to toss it aside, it's an important piece of paperwork. Not only is it used to claim tax rebates, it's also essential for applying for tax credits, benefits, loans, or even a mortgage. If you think your code is wrong, or if something doesn't look right on your payslip, it's time to act. Clampdown on tax dodgers is confirmed by Rachel Reeves in bid to fill spending black hole How to check your tax code You can check your current tax code by logging into your personal tax account online, using the HMRC app, or digging out your latest payslip. You may also have received a Tax Code Notice from HMRC in the post, so it's worth checking any recent letters too. If the numbers don't add up, contact HMRC directly. You can call them on 0300 200 3300 or write to: Pay As You Earn and Self Assessment, HMRC, BX9 1AS. Those who've overpaid could see a refund land in their bank within five days once their claim is processed or receive a cheque in the post within two weeks. But it's not always good news, some may find they underpaid tax and owe HMRC money. If that's the case, most will be asked to repay it gradually over 12 months. If you're owed money, you may also receive a P800 letter or a simple assessment telling you how much you're due and how to claim it. There's a four-year limit on claiming back overpaid tax, so if you think you've been overcharged, don't delay. Whether you're a full-time employee, working multiple jobs, or have just switched roles, it's worth double checking your code because a five-minute check could leave you hundreds better off. The Sun has approached HMRC for comment.
The Sun
7 days ago
- Business
- The Sun
HMRC warning to check codes on letters as workers are owed £700 each – check if you're affected
BRITS are being urged to check their tax codes immediately as thousands could be due a £700 refund from HMRC. It comes as the May 31 deadline has passed for employers to issue P60 forms – a crucial document that confirms how much tax you've paid in the last financial year. 1 But tax experts are warning that many workers could be on the wrong tax code without even knowing it, potentially costing them hundreds of pounds. One in three Brits has been on the wrong tax code at some point, with average overpayments hitting a hefty £689, according to research by Canada Life. The blunder means HMRC could be sitting on billions in overpaid tax and the only way to get it back is to check your details and flag it. Taxpayers should double check the 'final tax code' on their P60 that's the string of letters and numbers near the top of the form. Codes like "BR", "D0", or "D1" should raise a red flag. These mean you may have been taxed at a flat rate with no tax-free allowance. Anyone who stayed with the same employer up to April 5 should have already received their P60, either in the post or digitally. And while it may be tempting to toss it aside, it's an important piece of paperwork. Not only is it used to claim tax rebates, it's also essential for applying for tax credits, benefits, loans, or even a mortgage. If you think your code is wrong, or if something doesn't look right on your payslip, it's time to act. How to check your tax code You can check your current tax code by logging into your personal tax account online, using the HMRC app, or digging out your latest payslip. You may also have received a Tax Code Notice from HMRC in the post, so it's worth checking any recent letters too. If the numbers don't add up, contact HMRC directly. You can call them on 0300 200 3300 or write to: Pay As You Earn and Self Assessment, HMRC, BX9 1AS. Those who've overpaid could see a refund land in their bank within five days once their claim is processed or receive a cheque in the post within two weeks. But it's not always good news, some may find they underpaid tax and owe HMRC money. If that's the case, most will be asked to repay it gradually over 12 months. If you're owed money, you may also receive a P800 letter or a simple assessment telling you how much you're due and how to claim it. There's a four-year limit on claiming back overpaid tax, so if you think you've been overcharged, don't delay. Whether you're a full-time employee, working multiple jobs, or have just switched roles, it's worth double checking your code because a five-minute check could leave you hundreds better off. The Sun has approached HMRC for comment.
GMA Network
29-05-2025
- Health
- GMA Network
PhilHealth CEO Mercado submits courtesy resignation
Philippine Health Insurance Corporation (PhilHealth) acting president and CEO Dr. Edwin Mercado has submitted his courtesy resignation amid the ongoing post-midterm polls executive overhaul of the Marcos administration. 'Bilang pagsunod sa direktiba ni Pangulong Ferdinand Marcos Jr. ay nagsumite na ng kaniyang courtesy resignation ang aming acting president and CEO Dr. Edwin M. Mercado,' PhilHealth said in a statement. (In accordance with the directive of President Ferdinand Jr., our acting president and CEO Dr. Edwin Mercado submitted his courtesy resignation.) His resignation came after the Governance Commission for GOCCs (GCG) directed state-run firms' non-ex-officio chairpersons, chief executive officers (CEOs), and all appointive directors/trustees/members of their respective GOCCs' governing boards to immediately submit their courtesy resignations to the President through the Office of the Executive Secretary. Mercado, an orthopedic surgeon, was named as the new chief of PhilHealth in February in the midst of the controversial transfer of P60 billion funds of the state insurer to the national treasury, which was criticized by health advocates. Last week, Marcos sought the courtesy resignations of Cabinet secretaries to "recalibrate" his administration after the 2025 national and local elections. The President had lamented that results of the May 2025 midterm polls showed that the people are "tired of politics and they are disappointed with the government." —AOL, GMA Integrated News
Yahoo
26-05-2025
- Business
- Yahoo
How getting ahead on your tax return can help cut your tax bill
If you do a tax return, there's a key date to be aware of in May. If you're completely self-employed you can get cracking on your tax return on the first day of the tax year on 6 April. However, if you get any of your income from employment, you'll need to wait for your P60 to arrive, showing the salary and benefits you got this year. Your employer has to give you this by the end of May, so this is the time to get stuck in. Nobody would blame you for wanting to put off the boredom and anxiety of a tax return to the last possible second. In fact, more than 730,000 people left it to the last day in January this year — so you're far from alone. Unfortunately, leaving it to the last minute just makes the whole thing more stressful and prone to mistakes — plus you miss out on the chance to do a few clever things that can cut your tax bill. So there's plenty to be gained from starting now. It makes sense to put money aside for your tax bill as you go through the year, so you can pay your bill from this reserve. However, sometimes things don't go to plan, and you could end up with a shortfall. Regardless of when you file, you have until 31 January to pay, so you have months to put the extra cash aside. Read more: How to tell if you're rich A penalty is charged if the tax is not paid by the due date. HMRC also charges interest on unpaid tax. You can use the Budget Payment Plan service to set up weekly or monthly direct debit payments to spread the cost. This may not work for anyone with a particularly lumpy income, but can be useful for anyone who could do with some help managing payments. Most of what you do now will only affect your tax bill for the current tax year, but there's something known as "carry back", where you can do something today to cut the tax bill you're filing. You can use this if you're a higher or additional rate taxpayer who gives money to charity, and claims the extra gift aid through their tax return. You can make a donation now and include it in the tax return you're filing. This is particularly useful if your income is going to fall below a tax threshold this year, because you can claim gift aid in a year when you were paying a higher rate of tax. Another carry back rule applies if you've invested in an Enterprise Investment Scheme (EIS) in the current tax year, and you want to carry income tax relief of 30% to the previous year. Payments don't have to be in until January, but if HMRC owes you money, your refund will be processed now, so you should get it sooner rather than later. If you spent ages digging out details of interest payments, dividends or profits on share sales, consider consolidating to simplify things — bringing together things like savings and investments so they're easier to manage. Of course, none of this takes away from the fact that a tax return can be a fairly joyless experience. If you find yourself putting it off in the coming weeks, it's worth thinking whether you might want help from a professional to get it over the line. At this time of year, they're far less likely to be busy, so you can shop around for a cost-effective more: Who wears the financial trousers in your relationship? How to plan for retirement and track your pension pot income Why it's important to plan for retirement with your partnerSign in to access your portfolio
India Today
24-05-2025
- Entertainment
- India Today
Rahul Gandhi visits Poonch, meets people affected by Pakistani shelling
This episode of P60 explores Virat Kohli's fitness regime, which has set new benchmarks in Indian cricket. The program delves into Kohli's mono diet, vegan nutrition, consumption of alkaline water, and his strict sleep schedule. Experts discuss the pros and cons of these practices, their impact on athletic performance, and their applicability to regular individuals. The show also highlights Kohli's dedication to strength training, high-intensity interventions, and digital detox.
