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February 'to see more self-employed facing debt problems'

February 'to see more self-employed facing debt problems'

- Monday, 7 February 2011

After last month's deadline for self-assessed tax returns, a number of the UK's self-employed will face additional financial hardships in February.

That is according to the Low Incomes Tax Reform Group (LITRG), which explained that this month is when HM Revenue and Customs will issue £100 penalties for late returns.

However, with the added cost likely to leave many requiring debt help, the charity has urged recipients of the fees to ensure that they have not been issued in error.

It explained that people who receive a penalty notice even though they believe they met the deadline or have a reasonable excuse for a late filing, can lodge an appeal within 30 days of receiving the notice.

The LITRG, an initiative established by the Chartered Institute of Taxation, also warned that people who were unable to pay off their dues by January 31st will also begin facing interest charges with a five per cent surcharge on the outstanding amount to be added on February 28th.

"As the end of the tax year approaches, it is more than ever important to report to HMRC any changes of circumstances that you have not already told them about," it urged.

This year, seven in ten people chose to file their tax returns online, the highest ever percentage in the ten years that internet submissions have been an option.ADNFCR-2300-ID-800389345-ADNFCR
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