HMRC's fines can be avoided by being organised
Dealing with the HM Revenue & Customs can often feel daunting, particularly when it comes to understanding the fines and penalties that can impact both individuals and businesses. It's crucial to stay informed about the most common HMRC fines to avoid unnecessary financial burdens due to non-compliance or errors.
Finance expert John Clemming from For Kredit has spoken about the penalties imposed by HMRC, offering advice on how to avoid them.For those who need to do one, such as the self-employed, one of the most straightforward fines from HMRC comes from failing to file your tax return on time. The deadlines are usually clear—January 31 for online returns and October 31 for paper returns concerning the previous tax year. If you miss this deadline, you immediately incur a £100 fine.
Mr Clemming said: “Understanding and respecting HMRC's requirements can save you a significant amount of time and money. Here are some tips to avoid these common penalties: HMRC’s fines can be challenging, but with a proactive approach and thorough understanding, you can avoid these common pitfalls and ensure that your tax affairs are in order without undue stress or financial penalty.”
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