300,000 late filers could have their goods seized
Hundreds of thousands of people who failed to submit self-assessment tax returns could end up having their goods seized by bailiffs as HM Revenue and Customs (HMRC) continues to toughen up its stance against those who fail to meet their tax obligations.
HMRC is sending warning letters to 300,000 people who have run up penalties of £1,300 for failing to submit their self-assessment tax returns for 2010/11. HMRC says it is targeting those who have persistently ignored reminders, warning letters and penalty notices, with those who continue to do so facing the possibility of a knock at their door from debt collectors who could remove property to the value of any outstanding penalties.
Those who receive the letters can still pay their fines and submit late tax returns, with anyone who thinks they should not be in self-assessment being advised to notify HMRC immediately.
Over the past 12 months, we have seen HMRC take an increasingly tougher stance against those who are not meeting their obligations, including those who fail to file their self-assessment tax returns on time.
If you receive one of these letters then the worse thing you can do is ignore it as the problem will not go away. If you are unsure of what to do, then it is important to seek professional advice as soon as possible. If you feel you should not be in self-assessment then you need to make HMRC aware of this so that records can be amended accordingly.
For further information, please contact Paul Wilkinson at the office.
Author: Paul Wilkinson FCA
A former pupil at Lancaster Grammar School, Paul moved away from the area and completed his training with KPMG in Birmingham, qualifying as a Chartered Accountant in 1989. He returned to Lancaster and joined Scott &...
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