UK taxpayers will pay over £1.1 billion in fines to the Inland Revenue this year when dealing with t...
UK taxpayers will pay over £1.1 billion in fines to the Inland Revenue this year when dealing with their tax returns, Research from IFA Promotion reveals.
Of this figure, as much as £975 million or 89%will be paid simply because miscalculations were made on tax forms. Findings highlight the difficulties faced by taxpayers attempting to pay their tax bill.
Since self-assessment's inception in 1997, there has been a steady rise in the number of late returns, with 971,000 deadline defaulters last year alone. This upward trend is set to continue following the issue of increasingly bulky and complicated set of forms and guidance notes from the Revenue.
"It's no surprise that people experience problems filling out the 29-page, 438 box form, since it deals with taxable income from a variety of sources and can involve some pretty mind-boggling calculations," says David Elm from IFA Promotion.
"However, the onus is now squarely on those who've not yet tackled the forms to ensure correct completion before January deadline."
IFA Promotion is urging IFAs to help clients fill out their tax returns in order to avoid incurring fines.
For more information contact IFA Promotion on 0800 085 3250 or click thru the right-hand link.
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