Accountant warns of HMRC deadline

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 January 31, says HWB, to avoid the risk of penalties.

While fines for late filing have been waived in the past two years, the firm says HMRC has signalled no such goodwill will be offered this time.

According to HWB Director Michaela Johns: “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 percent 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.

Refunds

“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 a range of tax reliefs was 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 about 5.7 million returns were still to be returned out of an estimated 12 million expected by the January 31 deadline.

PICTURED: HWB Director Michaela Johns who is reminding taxpayers of  the January 31 self-assessment deadline