In August of 2012, HM Revenues and Customs (HMRC) sent penalty notices to about 500,000 individuals due to missed self-assessed tax return submissions. According to a report from the BBC, each of these individuals were notified about their penalties amounting to no less than £1,200. This annual case of missed tax deadlines may be a sign that members of the private sector have a growing need for professional tax advice in London.
Every year, recipients of such notices have to pay a penalty fee, unless they can provide evidence to support a reasonable excuse for their failure to meet the deadline, such as illness in the family or bereavement. If proven true, the penalty will be waived.
Although the number of people who missed the submission dropped by 44% in 2012, HMRC is still concerned. Apparently, people continue to fail to meet the deadline despite the department’s efforts to remind them. In fact, at the time the article was written, there were still about 6% of individuals who haven’t yet submitted their 2010/11 tax returns.
The £1,200 penalty consists of £900 in daily fines plus a late-filing penalty of £300 or 5% of the tax due. However, tax expert Chas Roy-Chowdhury of ACCA has been quoted as saying that “HMRC should look to be less hard-nosed” about the imposition of penalties, especially to those who present a valid reason.
In the UK, millions of people manage to submit their annual self-assessment tax forms on a timely basis. However, it appears that many of these people actually need to seek advice from professional tax advisors in London who can help them do things right and accomplish everything on time. After all, a penalty of £1,200 is certainly no joke.
Good thing, London tax advice firms are always willing to lend a hand. Equipped with years of experience in providing tax advice, they offer a wide variety of tax-related services for both businesses and individuals. With the help of these advisors, a taxpayer can file the necessary documents on time and avoid committing errors that could be taken against the taxpayer in the future.
Newshams Tax Solicitors is one such trusted provider of London tax advice. It provides a full range of services to help taxpayers with their filing requirements and spare them from any hassle that could arise. Through the assistance of a reliable tax service provider, every taxpayer can avoid incurring such harsh penalties.
