Tax planning news
Let the Taxman work for you
26 September, 2007
In less than four 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.
“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.”
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