Accountants face income tax headache

The pressure will be on company accountants this month as changes to income tax will leave millions of employees double-checking their payslips. Some 31m taxpayers, according to the Daily Telegraph, have received new tax codes as a result of chancellor Alistair Darling's u-turn on plans to abolish the 10% rate of income tax from April this year, which would have adversely affected millions of low-income families. Many accountants will be left reeling as employees check their payslips to ensure the right amount of tax has been taken. The chancellor has raised the personal tax-free allowance by £600 to £6,035 in order to benefit basic-rate taxpayers, but has targeted higher-rate taxpayers by lowering the threshold at which the 40% rate takes effect by £1,200 to £34,800. Accountants have claimed that firms have an increased workload as a result of Darling's changes.
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