Taxman cracks down on inaccurate returns

Taxman cracks down on inaccurate returns

HMRC issued a record number of fines last year to taxpayers who made mistakes on their returns. The Revenue imposed 143,000 penalties on people who filed inaccurate information because it deemed them not to have taken “reasonable care” - nearly three times the 55,000 fines levied in 2012. Accountants also warned that people were being penalised for oversights such as forgetting to declare the interest on an old savings account or omitting a health insurance policy received through work. The penalty figures also showed a six-fold increase in the number of fines for deliberate understatement of income, from 5,000 in 2012 to nearly 30,000 last year.

Get it right first time. The number of fines is only going to increase.

Allow us at Stephens to review your tax returns and avoid the simple mistakes which arise time after time. Ignorance is no defence.

Stephens Accountants

Southgate Business Centre,

32 Gillygate,

Pontefract.

WF8 1PQ

Telephone: 01977 791757

FAX: 01977 795366

E-mail: info@stephensaccountants.co.uk

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