UK TAXPAYERS SHELL OUT £302 MILLION IN SELF-ASSESSMENT ERRORS
- Visit www.taketaxaction.co.uk or call 0800 085 3250 to find a local IFA to help you sort out your finances -
In less than 7 days the Inland Revenue deadline for submitting your self assessment return on time passes. After September 30th 2007 the Inland Revenue can no longer guarantee that your calculations will be done for you by the deadline of January 31st 2008. Research from Unbiased.co.uk reveals that making this deadline will avoid taxpayer costs of £302 million this year alone*.
This amount does not even account for the total we waste through the self assessment scheme, with overall fines set to top £463 million this year*. In addition to this, annual penalties of up to £3,000 a year may be charged for each year in which inadequate records of taxpayers’ incomes are kept. Personal records should be kept for a period of 22 months after the tax year to which they relate (five years if the taxpayer is self employed)**.
David Elms, Chief Executive of Unbiased.co.uk, said, “After September 30th, the pressure increases on individuals to ensure their forms are completed accurately and in before the January 31st final deadline. If they aren’t, the individuals could face substantial fines.”
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“An IFA can help you take control of your finances and plan them tax-efficiently, simplifying the process for you or your accountant to complete the self assessment forms accurately and on time. This will help you avoid financial penalties and prevent the taxman acquiring more of your hard-earned cash.”
For more information on self-assessment and avoiding tax waste, visit IFA Promotion’s dedicated website at www.taketaxaction.co.uk. The site contains tips on how to save tax, an online tax wastage calculator, and a guide to saving tax. You can also find details of local IFAs on the site or by calling 0800 085 3250.
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* TaxAction 2007 report produced for IFA Promotion by RAKM, based on a specially commissioned analysis of Inland Revenue and a range of other official data sources. £302m is the estimated ‘error waste’ figure, calculated as 5% of those returning forms (9.3m people) each being fined £650, a fine which could be avoided by returning a form for completion before 30th September. £161m is the estimate for additional fines for late return of a form.
**HMRC regulations – please see http://www.hmrc.gov.uk for further details
For further information please contact:
|
David Elms |
Anna Schirmer/Jonathon Grove |
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Chief Executive |
Lansons Communications |
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Unbiased.co.uk |
020 7294 3682 |
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020 7833 3131 |
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For expert comment or case studies from over 200 media-friendly IFAs, journalists should call unbiased.co.uk’s Media Services hotline on
020 7294 3682 or search online at www.unbiased.co.uk/media
1. Independent Financial Adviser Promotion
Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 20,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice.
IFA Promotion is sponsored by 27 leading financial institutions, and in the past 12 months, over 600,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.
IFA Promotion 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 consumer’s 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 Promotion’s sponsors
Aberdeen Asset Management
Lincoln Financial Group
Abbey
National Savings & Investments
AEGON Scottish Equitable Plc
New Star Investment Funds
Alliance Trust
Norwich Union Life
AXA Life
Prudential
Bright Grey
Scottish Life
BUPA Health Services
Scottish Life International
Canada Life Ltd
Scottish Widows Plc
The Children’s Mutual
Skandia UK Group
Clerical Medical Investment
Standard Life Assurance Company
Defaqto
Tomorrow
Friends Provident
Unum
Invesco Perpetual
Zurich Intermediary Group
Legal & General
Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606
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