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Important information from Money Saving Experts  on www.moneysavingexpert.com

 

Tax Credit Overpayment Alert! Be ready for a letter asking you to repay £100s. Find out how to fight it
Over a month's passed since the tax credit renewal deadline, so roughly 1m people are likely to get 'overpayment letters' saying they must give cash

back.  A similar number will have been underpaid and are due lump sums. What's an overpayment? It's when you were given more money than

you were eligible for and the tax office asks for it back. Why does it happen? The amount you get each tax year's (Apr-Apr) estimated using

the previous year's situation; then at renewal the exact amount's calculated. Even small changes impact eligibility. Do you have to repay? Yes,

unless you told it of the changes and it still overpaid - ie it's at fault - then you need fill in a dispute form WITHIN a month. If you don't know why

you were overpaid, as nothing's changed, dispute that too. Can't afford to repay? The tax credit helpline's usually sympathetic and should let

you spread or even forgo repayments. Step-by-step help in the Updated Guide: Tax Credit Help Related: Benefits Check-Up, Childcare Tax Credits ____________________________________________________________________________________________

 
IMPORTANT NEWS ABOUT SPAM EMAIL:
 
If you receive the following email please DO NOT respond to it, report it straightaway:
 
Subject:  Recalculation of your fiscal activity
 

TAX RETURN FOR THE YEAR 2009

RECALCULATION OF YOUR TAX REFUND

HMRC 2008-2009

LOCAL OFFICE No. 3819

TAX CREDIT OFFICER: David Craig

TAX REFUND ID NUMBER: 381716209

REFUND AMOUNT: 327.54 GBP

 

 

Dear Applicant,

 

I am sending this email to announce: After the last annual calculation of your fiscal activity we have determined that you are eligible to receive a tax refund of 327.54 GBP

 

You have attached the tax return form with the TAX REFUND NUMBER ID: 381716209, complete the tax return form attached to this message.

 

After completing the form, please submit the form by clicking the SUBMIT button on form and allow us 5-9 business days in order to process it.

 

Our head office address can be found on our web site at http://www.hmrc.co.uk/

 

Sincerely,

David Craig

HMRC Tax Credit Office

Preston

PR1 0SB

http://www.hmrc.co.uk/

 

SEE THE FOLLOWING LINK FOR MORE INFORMATION:

 

http://www.startupdonut.co.uk/news/startup/email-tax-scam-increases-tenfold-in-a-year

 


Budget 2010: At a glance guide

 

Chancellor Alistair Darling turned the screw on the better off today as he gave a helping hand to first time buyers. Here is an at-a-glance guide to Mr Darling's third budget.

 

Public finances:

  • Economy growth forecast lowered for 2011 to 3-3.5%
  • Inflation next year forecast to be back to 2%
  • Tax receipts better than forecast in the first quarter
  • Borrowing this year should now be £11 billion lower than forecast, down from £178 billion to £167 billion
  • Debt expected to be £100 billion lower by 2013-14 than forecast
  • Deficit will be halved over a four-year period
  • No further announcements on VAT, income tax or insurance
  • Government reaps £2bn from bank bonus tax - twice level forecast
  • Tax information agreements ready to be signed with three more countries - Dominica, Grenada and Belize

Public sector cuts:

  • Darling: savings across the public sector 'tough but achievable'
  • Departments will publish details about how to achieve £11 billion of new savings
  • Total of 15,000 civil servants relocated, including 1,000 Ministry of Justice posts moved out of London
  • From October next year, most expensive properties excluded from housing benefit scheme
  • Progress on £16 billion asset sales, including Dartford Crossing, the Tote and student loan book.

Housing:

  • Stamp Duty limit for first-time buyers will be doubled to £250,000
  • Move funded through an increase in Stamp Duty to 5% for houses worth over £1m
 

Sin taxes:

  • Duty on beer, wine and spirits to rise 2%.
  • Tax on cider increased by 10% above inflation from midnight on Sunday.
  • Tobacco duty increases today by 1% above inflation this year, then 2%

Fuel Duty and Transport:

  • Increase in fuel duties will be staged. Fuel duty will rise by a penny in April, followed by a further 1p rise in October and the remainder in January.

Small business:

  • A £2.5bn small business stimulus package to be paid for from bank bonuses tax
  • Business rates cut for a year from October - meaning 345,000 will pay no rates at all

  • Tax allowances for entrepreneurs and no increase in capital gains tax

 

Personal finance:

  • A million more people to get access to a basic bank account
  • Annual ISA limit will rise from £7,200 to £10,200 
  • Inheritance tax threshold frozen for four years

  • RBS and Lloyds to provide £94 billion of new business loans, half of them to small and medium businesses

  • New growth capital fund to provide capital for fast growing firms

  • £4 increase in child tax credit for young children from 2012

Training:

  • A guarantee of a job or training for every 18-24 year-old after six months out of work is to be extended

 

Employment:

  • Work or training for all under-24s out of work for six months.
  • Six more months of mortgage support for the unemployed.

Defence:

  • More than £4 billion from next year's reserve will be allocated to fund operations in Afghanistan

Environment:

  • £2 billion green investment bank to provide equity to unlock private sector energy investment.
  • Motor industry supported to develop electric cars.

Technology:

  • Help for creative sector including computer games and film industries to be offered
  • Universities must make efficiency savings. £35 million for University Enterprise Capital Fund for innovation
  • £270 million one-off  payment for university modernisation


Read more: http://www.dailymail.co.uk/news/article-1260307/Budget-2010-At-glance-guide.html#ixzz0sFmCpsU4

 

 

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