Coventry chartered certified accountants, Askews, are warning local self-employed taxpayers not only to be on time with their tax return, but also to be thorough in completing all the information accurately in order to avoid stinging fines.

Recent research has shown that HMRC received more in fines from taxpayers making errors on their tax-returns rather than fines from late entries.

As HMRC saturate the media by placing pressure on people to avoid the new tax penalty system, Askews are advising taxpayers to avoid extra charges from any miscalculations made by rushing the process.

In 2011, the taxman was gifted with £116million in late fees whereas there was £236 million gained in fines from tax-returns with errors on.

The new system means a charge of at least £100 if the filing is just one day late, which could gradually rise up to £1,000 after 3 months.

Senior Partner, Neil Askew said: “There has been lots of media focus on the new fines that people will incur from missing the January 31st deadline; however this could result in people making sloppy calculations. The concern is that HMRC are not making people aware of the importance of the quality of their tax assessments. We want to make sure that self-employed taxpayers from the local area are providing accurate details in order to avoid the harsh penalties for miscalculations.”

With statistics of around 800,000 people missing the deadline last year, it is evident that people do leave this job until the last minute. Seeking professional support with a self-assessment tax return will ensure that unnecessary fines can be avoided.

Neil concluded: “At Askews we aim to help with reliable and professional support that will relieve the pressure off people who haven’t been able to find the time, or do not feel confident about their tax assessment.”

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