30 June 2008

Government Proposal For Tax-Geared Penalties Could Hit Over One Million Taxpayers

New plans by Revenue & Customs introducing tax-geared penalties for taxpayers who are late filing their self-assessment tax-returns, could hit over one million Brits according to research by Unbiased.co.uk. Under the new plans penalties could up to 100% of the outstanding tax bill, adding a substantial amount of money to the tax penalties already incurred under the current system.

This year, taxpayers are already set waste an unnecessary £479 million in fines as a result of late tax form returns, miscalculations and surcharges on unpaid tax*, according to research by Unbiased.co.uk, the website promoting the benefits of independent financial advice.

Over £102 million of tax wastage is incurred through late returns of self-assessment forms, in addition to that £62 million tax fines are a result of miscalculations and a further £315 million are paid as surcharges on unpaid tax.

David Elms, chief executive of Unbiased.co.uk, comments: “The government has always had stringent rules when it comes to late returns of self-assessment tax forms and it looks like these rules will be even stricter if this proposal is going to come into effect. Missing the HMRC’s deadlines is certainly not going to be something people should do lightly. Tax wastage is one of the biggest areas where people can save money and sticking to the self-assessment tax return deadline is an easy way to ensure you are not gifting unnecessary money to the taxman.

“Tax can be a confusing topic but for help on your tax liability and all your other financial matters, you should go and see an independent financial adviser to make sure you are making the most of your finances.” 

To help people take control of their finances Unbiased.co.uk offers an online guide to reducing tax waste as well as tips to reducing tax waste and an online tax wastage calculator.  For online information and details of local IFAs, visit www.unbiased.co.uk/taketaxaction or alternatively call the hotline on 0800 085 3250

  * All figures provided by independent research agency, RAKM, for Unbiased.co.uk.  With detailed research enquiries call Paul Hersey, RAKM, on 01737 216 940.

For further information please contact:

 

David Elms

Anna Schirmer/Jonathon Grove

Chief Executive

Lansons Communications

Unbiased.co.uk

020 7294 3682

020 7833 3131

 

 

For expert comment or case studies from over 200 media-friendly IFAs, journalists should call Unbiased.co.uk’s Media Services hotline on

020 7294 3682 or search online at www.unbiased.co.uk/bluebook

1.      Unbiased.co.uk

Unbiased.co.uk (IFA Promotion) is a not for profit organisation which promotes the benefits of Independent Financial Advice to UK consumers.  Over the past 12 months, over 575,000 consumers have used Unbiased.co.uk’s confidential ‘Find an IFA search’ to find local member IFAs - 94% of these enquiries are now dealt with online.

Unbiased.co.uk, which is in its 19th year, creates over 6,000 pieces of positive coverage in the consumer media each year, highlighting the importance of seeking independent financial advice across online, broadcast and print media. This positive media generation influences consumers’ behaviour and increases their awareness of the benefits of seeing an IFA.

Unbiased.co.uk is now positioned as the online gateway between consumers researching their financial advice options and member IFAs. Over 60 white label versions of Unbiased.co.uk’s ‘Find an IFA’ service are now running on partner  websites including those of media and portal money channels, product provider sponsors and other industry bodies.

When searching for a ‘Find an IFA’ on UK Google, around 80% of the returned links over the first five pages of search results now display either Unbiased.co.uk directly or a white label version of Unbiased.co.uk’s ‘Find an IFA’ service running on a partner website. To support this activity Unbiased.co.uk now regularly provides white label versions of its consumer guides, tools, microsites and podcasts to partner personal finance websites.

2.      Unbiased.co.uk’s product provider sponsors

Abbey for Intermediaries

Lincoln Financial Group

Aberdeen Asset Management

Lutine Assurance Services

AEGON Scottish Equitable Plc

MetLife

Alliance Trust

National Savings & Investments

AXA Life

New Star Investment Funds

Bright Grey

Norwich Union Life

BPP

Prudential

Canada Life Ltd

Scottish Life

Cardif Pinnacle

Scottish Life International

The Children’s Mutual

Scottish Widows Plc

Clerical Medical Investment

Skandia UK Group

Defaqto

Standard Life Assurance Company

Friends Provident

Tomorrow

The Hartford

Unum

Invesco Perpetual

Zurich Intermediary Group

Legal & General

 

 

Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606

 

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