Promptly file online self-assessment tax returns to avoid penalties – accountant

With less than a month left until the Self-Assessment deadline, Morgan Reach Chartered Certified Accountants urges taxpayers in Birmingham to act promptly and file their online self-assessment tax returns to avoid penalties.

HM Revenue and Customs (HMRC) data reveals that nearly 5.7 million customers are yet to fulfil their tax obligations for the 2022 to 2023 tax year.

According to HMRC statistics, approximately 6.5 million taxpayers have successfully submitted their returns, showcasing the diligence of those who seized the opportunity during the New Year holiday, including 49,317 customers who proactively addressed their tax obligations.

Late filing and payment penalties, as well as penalties for late notification of liability to pay tax, are significant concerns for those who miss the deadline.

HMRC imposes a late filing penalty of £100 if the tax return is up to 3 months late, with increased penalties for later submissions.

Morgan Reach Chartered Certified Accountants, with its seasoned team of experts, emphasises the importance of seeking professional assistance to ensure timely and accurate filing.

Managing director Dr Kamran Shaikh (pictured) said: "At Morgan Reach, we understand the challenges taxpayers face during the self-assessment period. Our in-house experts possess the necessary acumen to not only submit assessments promptly but also to advise on potential tax savings."

Filing a self-assessment tax return is essential for self-employed individuals, freelancers, and those with multiple income sources. Even employees paying tax through PAYE may be required by HMRC to submit a tax return to confirm their tax affairs.

Dr Kamran Shaikh adds: "We acknowledge the apprehensions surrounding self-assessment, and that's why our expert accountants are here to alleviate the burden. Beyond ensuring compliance, our professionals can identify deductions to potentially reduce tax bills legally. The investment in professional services often results in savings that outweigh the costs."

For those with busy schedules, Morgan Reach offers the convenience of handling the entire self-assessment process on their behalf. Consulting with an accountant or checking the HMRC website is advisable to understand specific tax obligations.