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31st JULY DEADLINE WILL COST TARDY TAXPAYERS 44 MILLION

31^st JULY DEADLINE WILL COST TARDY TAXPAYERS 44 MILLION

UK taxpayers will face 44 million* in fines for missing tomorrows tax payment deadline (31^st July).  This according to research from IFA Promotion, the organisation promoting the benefits of independent financial advice.

875,000 taxpayers missed the initial 31^st January self-assessment deadline for tax owed from the 2001/2002 financial year, incurring a 100 penalty.  And, based on last years figures, around half of these will miss tomorrows deadline and face an additional 5% surcharge on their outstanding tax debt, estimated at around 2,000 each.  This means that in total the self assessment scheme will cost UK taxpayers 131 million in fines for late payment this year alone*.

David Elms, Chief Executive of IFA Promotion, says, The taxmans getting tougher on late payment, so its even more vital we get tough on tax waste.  These fines will particularly hit the self-employed, who are already reeling from the recent rise in national insurance rates.  For many self-assessment forms are pretty baffling and time-consuming wed urge them to seek financial advice to ensure their finances are in order well ahead of next years tax deadline.

People should call 0800 085 3250 or visit www.unbiased.co.uk for details of local independent financial advisers, who can help them plan their finances as tax-efficiently as possible.

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For further information, please contact:

David Elms, CEO                                         Richard Winder

IFA Promotion                                               Lansons Communications

020 7833 3131                                             020 7294 3641

david@ifap.org                                             richardw@lansons.com

For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotions Media Services hotline on 020 7294 3682 or search online in Media Services at www.unbiased.co.uk

* All figures provided by independent research agency, RAKM, for IFA Promotion.  With detailed research enquiries call Paul Hersey, RAKM, on 01737 216 940.

1.  Independent Financial Adviser Promotion

IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public.  It represents over 10,000 firms of independent financial advisers across the UK and is sponsored by 28 leading financial institutions. In 2002, over 300,000 consumers and businesses used IFA Promotion to find local independent financial advice.

IFA Promotions believes Independent financial advice should be:

  Affordable.  The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.

  Convenient.  IFAs should be available in the location of the consumers choice, wherever they live in the UK.

  Transparent.  It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

2.      Independent Financial Adviser Promotions sponsors

 

AMP NPI	National Savings & Investments
AXA	Norwich Union Life
Barclays Global Investors Funds	Old Mutual Asset Managers
Bright Grey	Prudential
BUPA	Scottish Equitable Plc
Canada Life	Scottish Life
Childrens Mutual	Scottish Mutual Assurance Plc
Clerical Medical Investment Group	Scottish Provident
Eagle Star	Scottish Widows Plc
Friends Provident	Selestia
GE Life	Standard Life Assurance Company
INVESCO Fund Managers Ltd	Skandia UK Group
Legal & General	Winterthur Life UK Ltd
Mortgage Express	Zurich Life Assurance Company