A Hampshire accountancy firm is urging people to ensure they file their self-assessment tax returns by the end of this month or face a £100 fixed fine.
Returns for the 2021/22 tax year need to be filed by 31 January, say HWB, to avoid the risk of penalties.
While fines for late filing have been waived in the past two years, the firm says HMRC have signalled no such goodwill will be offered this year.
HWB Director Michaela Johns said: “The clock is rapidly counting down so if you are among those required to file a self-assessment tax return, we urge you not to let the deadline slip.
“HMRC are likely to apply late-filing penalties even in situations where there is no tax to pay.
“Across our client base, our tax team have so far filed returns on behalf of around 70% of those required to self-assess having worked with them to collate all the necessary information.
“That still leaves around 30% to be done. Our team will do everything we can to help with last minute demand but our message is always that the earlier you prepare, the easier and less stressful the filing process is.
“You can also take advantage of any refunds due to you more quickly if you have put in your return earlier rather than later.
“That could be a very welcome boost during the cost-of-living crisis.”
Michaela added that there are a range of tax reliefs available through the self-assessment process.
These include claims for working from home, making pension contributions, donating to charities through higher-rate gift aid and incurring self-employed trading expenses.
Across the country, nearly half of those people required to file a return for 2021-22 were yet to do so at the start of January.
HMRC said around 5.7 million returns were still to be returned out of an estimated 12 million expected by the 31 January deadline.
ACT NOW TO AVOID A PENALTY. HWB Director Michaela Johns is urging people required to file self-assessment tax returns to do so by 31 January 2023 or risk a fine.
NOTES TO REPORTERS
HWB Chartered Accountants, Highland House, Mayflower Close, Chandler’s Ford, Eastleigh, Hampshire, SO53 4AR Website: http://www.hwb-accountants.com. Phone: 023 8046 1200. E-mail: email@example.com. Twitter: @HWB_Accountants. LinkedIn: hwb-accountants. Facebook: @hwbaccountants
HWB Chartered Accountants was founded in 1985 as Hopper Williams & Bell and is based near Southampton. The firm provides accounting, tax and business advisory services to organisations across Hampshire, Wiltshire, Dorset & West Sussex and beyond. As one of the leading firms of chartered accountants and business and tax advisers in the region, HWB offers the depth of resource and specialist skills of a national practice but remains dedicated to the personal approach.
Services include: accounting services, audit and assurance, auto enrolment, business strategy & planning, corporate finance, HMRC enquiry fee protection, human resources, international services and solutions, online accounting, payroll services, personal tax services, probate & estate administration, specialist tax and financial planning. Specialisms include: education sector and academies, architects, charities, FCA accountants, healthcare, legal, logistics, property accountants, recruitment and travel.
HWB’s motto is Experience the difference. The firm produces a series of guides and tax cards and has a resources centre on its website, as well as staging seminars and events on a regular basis. The HWBulletin is published bi-annually.
HWB is registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales (ICAEW)
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