Revenue set to fine taxpayers 412 million this year, for late returns, errors and unpaid tax
Worried about meeting the January 31st tax deadline?
Call 0800 085 3250 or visit www.taketaxaction.co.uk and get an IFA to help sort out your financial position
Despite last years threatened 60 a day crackdown on late self-assessment forms, research from IFA Promotion, the organisation promoting the benefits of independent financial advice, estimates taxpayers are set to gift the taxman an unnecessary 412 million this year in fines generated by tardy returns, miscalculations and surcharges on unpaid tax*.
Failure to get their forms in by the 31st January deadline will incur an initial 100 late payment charge, as well as the potential 60 a day additional fine threatened for the first time this year. If the return is still late in July, a further penalty will be added additional to the daily charges.
David Elms, Chief Executive at IFA Promotion, said, The taxmans getting tougher on tardy returns and unpaid tax, so if you received self-assessment forms from the Revenue and you havent done anything about it, act now. The 100 fine for late returns is automatic; why waste this sum and potentially much more, when expert help is at hand to ensure your forms arrive on time and in order?
IFA Promotions research suggests that money will be wasted as follows:
- 88 million in fines for forms returned past the January 31st deadline
- 296 million through fines for mis-calculations made on tax forms
- 28 million in surcharges for unpaid tax from previous years.
In 2003 a staggering 874,880 self-assessment forms were received after the January 31st deadline. The majority incurred a penalty of 100, plus some were subject to further surcharges. In addition to this, a further penalty of up to 3,000 may be charged each year in which inadequate records are kept.
Elms concluded, For tax advice see an accountant, but to ensure all your financial information is in order and that youre being as tax-efficient with your personal finances as possible, see an independent financial adviser.
To help people take control of their finances, IFA Promotion is offering a FREE guide to tax-efficiency. For your copy and details of local IFAs, call the hotline on 0800 085 3250 or visit www.taketaxaction.co.uk
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For further information, please contact:
David Elms Chloe Merriman/ Richard Winder
CEO
IFA Promotion Lansons Communications
020 7833 3131 020 7294 3681 / 3641
david@ifap.org.uk chloem@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
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