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March 2006
TAX RETURNS CAUSE COSTLY PROBLEMS
By David Nye -Partner
With billions of pounds worth of tax being lost, the need for professional help with tax returns is more important than ever, warns Home Counties based Chartered Accountants.
Taxpayers are leaving it later and later in the year to file returns which is consequently costing the treasury a reported £2.8 billion in lost tax. HM Revenue and Customs is left to process a large number of returns in a short time period.
David Nye comments: “I strongly recommend that taxpayers seek guidance from their accountant to avoid errors on their returns. Something as simple as ensuring that the correct PAYE codes are being applied can ensure delays are avoided. However, an accountant will handle this and all other parts of the return, quickly and efficiently.”
David continues: “Of course it’s not always the taxpayers who are at fault. There has been an increase in the Revenue’s official errors yet taxpayers often leave these unchallenged and undeservedly get penalised. An accountant will make sure you are not paying for other people’s mistakes.”
The Revenue has been recommended to bring the filing dates forward or to allocate different filing dates for various groups of taxpayers.
For more information contact David Nye on +44 (0) 1442 220788
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