Accountant For Tax Return – Fines For Tax Return Failures
Accountant for tax return is definitely recommended to ensure that you are not subject to any fines for tax return failures. Data from HMRC shows that tax return fines are rising year-on-year. In 2014-15, there were 20,740 fines issued, for the 2015-16 period, this rose to 28,663 fines.
What is even more shocking is the fact that there were only 5,162 fines issues in the 2012-13 tax year, which means that, in just four years, the number of fines has increased six times. Tax experts have concluded that something must have changed in the way in which HMRC approach penalties for tax returns. Inspectors must be taking a much harder line than they ever have before, and this stresses the important of using a top quality tax return accountant to ensure that you do not end up on the wrong side of HMRC. There are a number of different types of fines and penalties that HMRC can impose. If you file your tax return late, you will be subject to a fine of £100. You then receive subsequent fines if you still do not submit your tax return. There are also fines for errors on tax returns, which are categorised into four groups – deliberate understatement with concealment, which is the most severe, followed by deliberate understatement, then failure to take reasonable care, and finally, not deliberate. You can receive fines for any type of error, but the amount differs based on the severity.
To work with a leading accountant for tax return help and make sure you do not suffer at the hands of fines and penalties from HMRC, look no further than AMG Financial Chartered Tax Advisers & Accountants. We are leaders in providing bespoke tax advice for companies of all sizes across all industries. For more information about our team and the tax return help we can provide, head to https://amgfinancial.co.uk.