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New toolkits launched to prevent self assessment tax errors

New toolkits launched to prevent self assessment tax errors

HMRC wants to help people avoid needless errors in their self assessment tax returns and so it has launched three new toolkits to help tax agents, contractor accountants and small business owners complete their firms correctly.

The deadline for paper tax return submission is midnight on October 31st and failure to comply will make a taxpayer liable to a possible £100 fine. As well as risking a fine, persistent offenders are more likely to become the subject of a tax investigation. It therefore makes sense to ensure you file on time.

In 2009/10, nearly two and a half million people filed their self assessment returns on paper, and about 87% of them filed on time, according to HMRC data. However, that leaves 323,668 people who missed the deadline and if they all paid a fine of £100, the Revenue would be better off by over 32 million pounds!

The new toolkits cover Expenses and Benefits from Employment, Inheritance Tax and VAT Input Tax and by following their guidelines, taxpayers should minimise the risk of human error.

Brian Redford from the Revenue’s Business Customer Unit said that there was tremendous interest in the six toolkits that were launched earlier in the year; in the first 3 months, 21,000 downloads were made. The new toolkits can be obtained free of charge, are easy to use and have been designed with cooperation with the agent community.

The Revenue would also like to remind taxpayers that they can file their self assessment return online, and if they choose this route, the deadline for submission is midnight on 31st January.

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Image: Needle-Nosed Pliers by Old Shoe Woman

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