Where these obligations are not complied with, the taxpayer could face punitive & draconian financial penalties including tax related penalties and even daily penalties.
Every year the HMRC select a number of Returns for enquiry where they can carry out a comprehensive enquiry into the taxpayers affairs based upon the information contained in the Tax Return. If the Tax Return contains inaccurate or incomplete information which would have lead to incorrect calculation of tax liabilities, the HMRC would collect such unpaid taxes together with financial penalties and interest.
Many taxpayers struggle to understand the complex tax returns and complete them correctly. Furthermore, ongoing changes to tax legislation mean that taxpayers risk incurring more penalties through failing to complete their returns accurately and on time. On the other hand, completion of inaccurate and late tax returns could mean that a taxpayer may lose any available tax refunds and tax reliefs which may be due to them.
We can assist you by handling the full Self assessment process for you. We will prepare any required accounts, do all the necessary computations, complete your return, and advise you of the amounts of tax liabilities or refunds which may be due. Once you have approved the Return, we will arrange to file the Return as required with the HMRC.
We can deal directly with the HMRC on your behalf and resolve any difficulties and queries which may arise in relation to the completion and filing of your Tax Returns and payment of your tax liabilities.
Should you or your business be selected for a self assessment enquiry by the HMRC, we would act on your behalf to deal with the HMRC so that the enquiry can be defended in the best of your interest. We also offer a service whereby our fees in relation to defending such an enquiry would be met by an Insurance company (Please see Tax Fee Protection Service details)
Let us assist you