How to avoid late penalties and new changes to be aware of
According to HMRC data, more than 2,700 customers filed their Self Assessment tax return on Christmas Day last year. With this in mind, HW Fisher shared advice on how people should file their returns on time and correctly.
Trusha Shah, Tax Manager at HW Fisher, said: “There is still sufficient time, but we would urge anyone who is yet to file their tax return to make sure they are prepared ahead of the January 31 deadline. Organisation is key. All too often clients leave it too late and make simple mistakes in the rush to complete on time.”
HW Fisher noted there are a number of common mistakes that trip up taxpayers. The first involves being ill-prepared with one’s paperwork.
HW Fisher urged taxpayers to have all the required information at the ready in advance of the deadline. It warned clients often leave it too late to gather everything that is needed. It continued: “Make sure you have the relevant information from banks and agents such as interest certificates, annual rental/investment statements as requesting these at the last minute often delays the preparation and submission of tax returns.”
Additionally, those who are moving around will need to act. If a person is moving back to the UK, or if they are going to spend time abroad, they’ll need to remember to factor in any change of permanent or residential address and/or residency status. Those who sell or dispose of an asset will need to ensure assessment of any potential tax implications, an area which is “often forgotten”.