Income Tax Repayments: Delays You Should Know About!

For many, income tax repayments are a time to look forward to. But, today, the UK tax system is under attack from fraudsters. These fraudsters attempt to register numerous people for self-assessment to then submit false repayment claims.

At Newnham & Son, we’re here to share all of the latest tax news with you so that you can safeguard your finances. Read on for more information about the current delays in income tax repayments and why they’re happening.

HMRC Approach to Processing Income Tax Repayments Today

HMRC is doing everything in its power to counter this surge of fraudulent attacks. With this in mind, the entity now checks self-assessment registration applications and repayment claims in greater detail. HMRC will now ask taxpayers who have not claimed a repayment before for ID verification and evidence of the trading activity.

While successful, the processing of genuine tax repayments is now slower because of these interventions. Moreover, there is now a backlog of self-assessment registrations for HMRC to get through.

Despite the above, HMRC is on top of this extra administration. Additionally, the entity now devotes more resources to clearing the unprocessed repayment claims.

From December 2021, HMRC will action all repayment claims within 30 calendar days of receipt. This may not mean that the repayment is issued in that period. This is because higher risk claims will be suspended and subject to further checks by compliance experts.

Contact Us for Information on Your Income Tax Repayments

If you’re still waiting on your income tax repayments and don’t know how to get an update on your individual case, we’re here for you! Our team of experts are able to look into your personal situation in order to help you get your money back.

To find out more about our services, contact us today! We’d be happy to run you through the various ways in which we can help.