Accountants Midhurst – HMRC Tax Penalties Regime
Accountants Midhurst wide offer a lot of advantages for businesses. Not only do they free up your time, but they ensure that your taxes are paid correctly and on time. This is especially important when you consider the HMRC tax penalty regime, whereby business owners and individuals can face penalties of up to 100 per cent if they deliberately underpay tax.
The best way to ensure that you do not fall victim to a fine or a penalty from HMRC is to hire one of the best accountants Chichester has to offer. A tax return accountant will give you complete peace of mind. After all, without experience in tax and accountancy, there is always the possibility that you may underpay HMRC without realising it. While your intentions may not have been dishonest, you can still receive a hefty fine. If you are working with an accountant, this is something you do not need to worry about. Plus, you can be sure that your tax returns will always be submitted on time. If you submit your tax return even a day late, you could be subject to a fine. At present, the penalties that business owners and individuals are subject to in regards to incorrect information are dependent on the behaviour of the individual in question. For example, if you have been deliberately misleading and concealed mistakes, you could receive a fine up to 100 per cent. Deliberate mistakes can cost up to 70 per cent, careless behaviour can cost up to 30 per cent. However, if reasonable care has been taken, no penalties apply.
Top quality accountants Midhurst based ensure that you never suffer a fine or a penalty at the hands of HMRC due to the late submission of your tax return or because of underpaying tax. For the best tax return assistance and advice, look no further than AMG Financial Chartered Tax Advisers & Accountants (https://amgfinancial.co.uk). We ensure everything is handled above board yet cost efficiently.