{"id":1657,"date":"2017-01-03T09:46:57","date_gmt":"2017-01-03T09:46:57","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=1657"},"modified":"2017-01-03T09:46:57","modified_gmt":"2017-01-03T09:46:57","slug":"one-five-people-fear-mistakes-tax-returns-cost-dear","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/one-five-people-fear-mistakes-tax-returns-cost-dear\/","title":{"rendered":"One in five people fear mistakes in tax returns could cost them dear"},"content":{"rendered":"<p>A new study suggests that almost one in five people who have filed a tax return with HM Revenue &amp; Customs (HMRC) fear that they may have made a mistake which could cost them dear.<!--more--><\/p>\n<p>The research, which comes from consumer magazine <em>Which?,<\/em> found that 19 per cent of self-assessment taxpayers feared hefty fines or financial losses due their inability to fully understand or correctly fill in their tax return.<\/p>\n<p>For those who have not yet completed their online tax returns for 2016\/17, which are due no later than midnight on 31 January 2017, the news highlights the importance of consulting tax experts for advice \u2013 to ensure that your return is tax-efficient, correct and fully compliant.<\/p>\n<p>Taxpayers are also reminded that returns filed later than the 31 January deadline could lead to serious fines and penalties, beginning with a \u00a3100 automatic fine applied to all online tax returns if they are late by just one day.<\/p>\n<p>After three months, any late returns will incur a penalty of \u00a310 per day for every day that the tax is due, up to a maximum of 90 days and a maximum of \u00a3900 \u2013 plus additional interest on the outstanding tax.<\/p>\n<p>If a return is late by six months, a fine of \u00a3300 or 5 per cent of the tax due; whichever is higher, will then apply, whereas if your return is 12 months late, an additional \u00a3300 or 5 per cent fine of the tax due will added to your final bill.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new study suggests that almost one in five people who have filed a tax return with HM Revenue &amp; Customs (HMRC) fear that they may have made a mistake which could cost them dear.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1657"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1657"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1657\/revisions"}],"predecessor-version":[{"id":1658,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1657\/revisions\/1658"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}