The 31 January self assessment deadline is almost upon us, if you miss that you will be fined.
The Express reports that UHY Hacker Young looked into HMRC's latest figures, and found HMRC cancelled over 60 percent of late payment penalties last year.
As a result of these findings, UHY Hacker Young urged taxpayers to appeal if they feel any fines levied against them were wrongly imposed.
In monetary terms, UHY Hacker Young revealed that of the £275million in penalties levied last year, £167million was later completely cancelled.
NB HMRC has confirmed that personal or business "pandemic-related"
disruption may be a reasonable excuse for late filing of tax returns.
Tax does have to be taxing.
Tax Investigation Insurance
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.
Tax Investigation Insurance is an insurance policy that will fully reimburse your accountants (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.
A Solar Protect policy will enable your Accountant (your tax return agent) to:
- Deal with any correspondence from HMRC
- Attend any meeting with HMRC
- Appeal to the First-tier Tribunal or Upper Tribunal
- Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly
Please click here for details.
HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"