View more on these topics

Campaign highlights £1.1bn fines paid to Revenue

UK taxpayers will hand over £1.1bn to the taxman in fines this year as a result of late or miscalculated tax returns, according to research by IFA Promotion.

It is urging IFAs to contact their clients to help put their finances in order ahead of the January 31 deadline for submitting tax returns.

IFAP says that since self-assessment was introduced in 1997, there has been a steady rise in the number of late returns, with 971,000 deadline defaulters last year.

The upward trend is set to continue with the increasing complexity of forms and guidance notes issued by the Inland Revenue.

The IFAP research suggests that £975m will be lost through fines for miscalculations made on tax forms, £98m through fines for forms returned after the January 31 deadline and £55m incurred in surcharges and additional penalties for outstanding tax payments of more than £1,000.

Chief executive David Elms says: “It is no surprise that people experience problems filling out the 29-page, 438-box form since it deals with some pretty mind-boggling calculations.

“But the onus is now squarely on those who have not yet tackled the forms to ensure correct completion.

“People risk facing costly fines through last-minute panicking or, worse still, further procrastination. An IFA can help put your finances in order, saving time and aggravation when it comes to filling in your tax return.”

Recommended

Property prime time is over with 5% rise forecast

Residential property will only increase in value by 5 per cent this year, almost two-thirds less than 2001&#39s 14 per cent growth, says broker FPD Savills.Its latest research bulletin claims weaker economic growth, falling employment and slower increases in household income are acting as drags on house prices, but it predicts increases of 7 per […]

Trying to make sense of all the changes

Is it just me who is confused by the FSA proposals on polarisation and IFA commission?Now, Let&#39s see if I have got this right. The FSA take over from the PIA and they decide that they want to make financial advice more accessible for the general public. They also want the cost of that advice […]

Make income protection work

The board of my firm has decided to increase the benefits package we offer to senior employees and feel some form of sickness insurance would be most useful, both to the company and to the employees themselves. How do you suggest we should proceed? We are a firm of accountants and the scheme would initially […]

Rolling on to AFPC success

There are now only 12 weeks to the next sitting of the Advanced Financial Planning Certificate examinations.If you are one of the many people who are planning on taking an exam in April (tables 1-3) then you will become either one of the 38 per cent or so of candidates who pass their exam or […]

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com