Pictured: Steven Holden
Midland taxpayers who failed to submit their paper
self-assessment tax returns by the 31 October must now complete
them online or fall foul of 'harsh' new HMRC penalties.
The warning has come from Steven Holden, Tax and Trust Manager
at Midland law firm MFG Solicitors, as thousands of taxpayers
across the region face paying greatly swelled fines for the late
filing of their paperwork.
Under the new penalty system, people who file their paper
self-assessment tax return after the deadline will now face an
automatic £100 fine, even if no tax is due. In some cases
those fines could stretch into four figures.
Mr Holden said: "With the 31 October deadline for paper
self-assessment tax returns now expired, the only option taxpayers
have is to submit their returns online, or face falling foul to the
HMRC and their harsh new penalty system.
"Earlier this year the HMRC introduced a complicated fines
framework which has stunned many of the region's taxpayers -
especially due to the fact those people who miss the deadline and
who don't owe any tax, will still be hit by a £100 fine. The
longer people delay, the more they will have to pay as there are
now further late-filing penalties after three, six and twelve
months. That could see some paying up to £1300 in fines. The
advice to those who have missed the deadline is to organise
paperwork quickly and file the information online via the HMRC
website."
Mr Holden, a respected financial advisor to many of the region's
businesses, added: "Back in April this year I particularly warned
Midland business owners and the self-employed that the HMRC's new
penalty framework was severe and failure to meet the deadlines will
prove to be a costly mistake.
"But the new system is here to stay. I can't stress enough how
crucial it is for Midland taxpayers to straighten out their
paperwork quickly and submit their tax return online. They have
until 31 January to do so."
For more information about MFG Solicitors, please visit their
website here: www.mfgsolicitors.com