TaxPersonal TaxSelf-assessment complexity set to increase penalties

Self-assessment complexity set to increase penalties

Longer and more complicated self-assessment forms for the new tax year could substantially increase the £1bn of penalties already charged to late payers.

According to virtuallyanywhere.co.uk, the online tax advisers more than 3 million tax payers were penalised to the tune of £1bn this year for failure to file tax returns and pay tax on time.

But the figure is set to increase because of the increasing complexity of self-assessment forms.

Peter Black, a virutallyanywhere tax adviser, said: ‘The levels of non-payment within the self-assessment system have risen over the last few years confirming that the self-assessment regime isn’t working.

‘Self-assessment was introduced to improve efficiency qnd help streamline the Revenue and the UK tax system in general. It is becoming increasingly obvious, however, that it is far too complicated for most people. The Inland Revenue’s systems simply cannot cope with the problems that his is causing.’

Related Articles

HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

5m Emma Smith, Managing Editor