As HM Revenue and Customs (HMRC) threatens 300,000 late filers with debt-recovery actions that could include the seizure of goods, accountancy experts have issued a warning to contractors over the looming deadline for the filing of online tax returns for 2011-12.
Tax specialist Nixon Williams has urged all self-employed workers to be aware of the potential fallout that can result from a late submission to HMRC.
Andrew Nixon, Director at the company, offered advice to contractors and freelancers on how to cope with their annual tax burden.
“The introduction of online tax returns has greatly eased the process of filing. However, contractors that fail to meet HMRC’s deadlines risk incurring significant penalties. By using a specialist practice like Nixon Williams, they can ensure that they don’t fall foul of the authorities, as well as gaining peace of mind that all their tax affairs will be in order,” he said.
Those who issue a late submission to HMRC can expect to be stung with a minimum penalty of £100. However, the longer the filing is stalled, the greater the forfeiture.
Tax authorities will exact further penalties following delays of three, six and twelve months – which could see self-employed workers forced to pay sums upwards of £1,600.
Contractors and freelancers that file a late return also risk having their yearly tax contribution estimated by HMRC. This sum will have to be paid, in addition to the interest on any late payments.
When dealing with the growing complexities of tax obligations, self-employed workers need to turn to an accountancy firm they can trust.
Nixon Williams aims to provide the best service available on the market and constantly reviews its processes to ensure it offers value and transparency.
All clients are assigned to a personal account handler and the company’s stance as a specialist practice means contractors and freelancers will be in safe hands.
For more information, visit Nixon Williams’ website today, or get in touch with their friendly team on 01253 362 062.
Media Contact Details
Name: Mark Clarke
Company: Nixon Williams
Tel: 01253 362046