Tax and January go together like.... a horse and carriage!
A review of news articles will show that there is always a lot of tax related content at this time of year, and 2016 is no different. Indeed the unprecedented weather conditions mean that there is more to say now than is usual.
The bottom line, as so often, is:
Do not ignore correspondence from H M Revenue & Customs – or robinson+co! If you are unsure what it means – contact us immediately!
(01900 603623 or 01946 692423 or 019467 25808)
However, to add flesh to the bones. Brett Bennett, robinson+co’s Tax Manager, has quite a lot to say.
“First, the personal tax return submission deadline of 31 January 2016. As we draft this article, there are only 20 working days to complete all outstanding personal tax returns ahead of the filing deadline. If you have not already done so please let us have the appropriate information as soon as possible. The Tax Team has been chasing up clients for some months now, and it is now imperative that you act on their requests,” starts Brett.
He continues with a warning about penalties and making tax payments – whether income tax or Corporation Tax. “It is noticeable that H M Revenue & Customs is getting ever more aggressive as to penalties for late submission of returns and payment of tax. HMRC is less and less sympathetic, even to genuine circumstances, so if we can do anything to avoid getting to that point, all the better.
Also, if you anticipate trouble in making the tax payment – either that which was due on 1 January – or that due on 31 January or 1 February 2016 (or indeed any date throughout the year), please let us know as soon as possible and in any case before the payment date. HMRC is getting more and more aggressive and we are hearing horror stories from distressed clients about the attitude of HMRC,” Brett continues.
H M Revenue & Customs has opened a dedicated helpline for those affected by the floods of the last month, indicating that they will be sympathetic to genuine claims from people affected – but HMRC’s definition of sympathetic may be different to ours!
It may be possible to reduce payments on account for individuals and partners if their current year profits will be affected, and otherwise we can arrange instalment arrangements with H M Revenue & Customs.
Whatever the position, the sooner we contact HMRC the better!
