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Filing penalties concern accountants for contractors

Filing penalties concern accountants for contractors

The Low Income Tax Reform Group has warned that this month may not be as quiet in the tax world as people would expect.

The January 31st deadline for filing online self-assessment tax returns has now passed and many taxpayers will be sitting back and relaxing. However, HMRC will start issuing penalties this month to taxpayers who missed the deadline.

Anybody who receives such a demand from the Revenue might want to seek the professional advice of a contractor accountant after the LITRG said that a fine could be overturned on appeal.

The penalty for late filing is £100 but there are instances where a fine could have been inappropriately issued, a spokesman from the Group explained. If you believe that you met the 2009 – 10 filing deadline and receive a penalty notice, you only have 30 days in which to lodge an appeal. It is also possible that an appeal might be successful if you had a reasonable excuse for missing the deadline.

The Revenue is currently under a lot of pressure to collect as much money as possible. As we have seen in recent months, its systems are not infallible, and the department has been in hot water due to the coding error debacles and more recently the ‘loss’ of employee PAYE contributions.

If you have any doubts relating to correspondence received from the department, including penalty and coding notices, it is in your best interests to get professional advice as soon as possible.

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