Missed The Deadline For The Taxman To Do Your Sums?

Confidentially search for details of an independent financial tax advisor close to where you live or work from around 9,000 IFA locations UK-wide.

MISSED THE DEADLINE FOR THE TAXMAN TO DO YOUR SUMS?

SELF-ASSESSMENT MISTAKES COST UK TAXPAYERS £296 MILLION,

AND POOR RECORD-KEEPING COULD COST UP TO £3,000 MORE EACH

 - Call 0800 085 3250 or visit www.unbiased.co.uk for details of local IFAs who can help you sort out your finances -

As we fast approach the September 30^th self assessment deadline, research from IFA Promotion reveals that errors and miscalculations on self assessment returns will cost UK taxpayers £296 million this year alone.

This hefty amount is only a fraction of the total we waste through the self assessment scheme, with overall fines set to top £410 million this year alone.  The findings highlight the difficulties faced by taxpayers attempting to calculate their tax bill.  In addition to this, a further penalty of £3,000 a year may also be charged for each year in which inadequate records of the taxpayers different incomes are kept. Normally records should be kept for a period of 22 months after the tax year to which they relate, and five years if the taxpayer is self employed.

David Elms, Chief Executive of IFA Promotion, said, “Once the September 30^th deadline is passed, the pressure passes to individuals to ensure their forms are completed accurately and in before the January 31^st final deadline or face substantial fines.”

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“An IFA can help you take control of your finances, and plan them tax-efficiently, making it easier for you or your accountant to complete the self assessment forms correctly and on time.  This could save you a lot of money and stop the taxman unnecessarily acquiring another sizeable sum.”  

To help people take control of their finances, IFA Promotion is offering a free guide to tax-efficiency.  For a copy plus details of local IFAs who can advise you on tax deadlines, call 0800 085 3250 or visit www.unbiased.co.uk

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

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 27 leading financial institutions. In 2003, over 330,000 consumers and businesses used IFA Promotion 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

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