The brown envelopes will be sent out throughout this month
Keep an eye on your post this week as HMRC is sending out 'brown envelopes' that could potentially give you a cash boost of over £600. Life insurance broker LV has stated that these letters, containing crucial information about the tax you've paid in the previous year and how it was spent, will be sent out throughout the month.
Alongside the brown envelope, you should also receive a P60 from your employer detailing your net and gross salary. It's vital to keep both documents and cross-reference them to ensure there are no discrepancies with your earnings that could cost you in the future or even result in a fine.If HMRC identifies that you have overpaid your tax, you could be eligible for an automatic repayment.
The unfortunate news could mean that you've underpaid your tax for the previous year, potentially leaving you with a bill of £783. If you're certain after thorough checks that your tax code aligns with your P60, then settling the amount is unavoidable.
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