First Dealings with the Taxman

Judderman_2

Hello all,

Now let me start off my saying this is the first time I have ever had to deal with anything to do with tax (due to being in the younger years of adulthood), so apologies if I'm missing anything obvious. Anyway, I too have recently recieved a letter from the taxman stating that I owe him £507, and after discussing it with family, everyone has conflicting opinions.

Basically it all started in November 2009; I had just finished university and had been in a part-time job for over a year, when I found a temporary job in the public sector. Now because I kept both jobs on, for some reason the taxman didn't change my tax codes around (full-time was classed as emergency, part-time as primary), so I sent a letter asking for them to be switched around. Now I've only just realised that for some reason, I was given a rebate but instead of for the 20% tax I was paying on the part-time job, it was actually for all the tax that I had paid whilst in the full-time job.

My questions are; if I simply let them take it out via my 2011 earnings, does this effect my credit score? and would it incur interest? Are there any other consequences?

I am able to pay it off now, but I'm back to only being in a part-time job so ideally it'd be better for me to pay it back in installments until I find a full-time job, especially with Christmas around the corner.

Mikeyorks

Judderman wrote: »

My questions are; if I simply let them take it out via my 2011 earnings, does this effect my credit score?

No effect to credit score

and would it incur interest?

No.

Are there any other consequences?

....... other than the monthly reduction in net pay - none. In all of this (as you don't say?) I'm assuming the P800 indicates they will restrict your coding to recover the £507

chrismac1

First, post up the gross pay, tax deducted and tax code from your P60s. So far at least 50% of these notices have had errors in them - some of them really stupid ones.