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Personal Taxation


Completing a self assessment tax return can be a challenge. You not only risk fines for missing HM Revenue & Customs (HMRC) deadlines and interest being charged on late payments, but HMRC is now taking a tougher line on incorrect returns, with substantial penalties for errors they regard as careless or deliberate.

And although HMRC will calculate your tax, unless you have a good knowledge of taxation, it may not be wise to assume the outcome is correct.

Our dedicated tax team will collate all your records and paperwork, and any additional information you give us, to complete your tax return for you, quickly and cost-effectively.

And when we prepare your return, we will aim to save you as much tax as we can by making use of all the reliefs available to you, including those that non-tax specialists would not be aware of.

We’ll also calculate your tax liabilities and protect you from last minute surprises by giving you notice of these as far ahead as we can, so that you have as much time as possible to make payments.

For your peace of mind, all the tax returns we prepare are double-checked by a suitably qualified member of our tax team before being sent to HMRC.

We will also receive and check copies of notices of coding and statements of account from HMRC, so that we ensure that all the details are correct.

To find out more about how we can help you, please contact LRH accountants in Calderdale.

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Telephone: 01422 360788

Email: mail@lrh.co.uk

 

Latest News

I have been sent a nudge letter by HMRC – What should I do next?

October 7th, 2021

Thousands of taxpayers across the UK have received ‘nudge letters’ from HM Revenue & Customs (HMRC) encouraging them to declare unpaid tax.

The reasons for being targeted vary but the impact of being contacted by HMRC can cause a lot of stress, leaving many taxpayers unsure about what they should do.

Who is HMRC targeting with nudge letters?

HMRC has said there are a number of reasons why they may issue a nudge letter to a taxpayer, but a large number of these communications seem to come from HMRC obtaining information that suggests a taxpayer has overseas income or gains.

They are also concerned that some taxpayers may not have paid the remittance basis charge – a flat rate tax charge on overseas income and gains for particular qualifying individuals living but not domiciled in the UK.

HMRC has said that its letters may not indicate what year income or gains were realised, which means their enquiries could relate to multiple tax years and more than one asset.

This lack of transparency has left many nudge letter recipients bemused.

What should you do if you receive a nudge letter?

The first thing is not to panic. HMRC has said taxpayers may be contacted because of:

  • Discrepancies in the data received from overseas tax authorities;
  • Changes to an individual’s personal circumstances or tax laws; or
  • New information supplied to them that requires clarification.

HMRC typically gives taxpayers 30 days to respond to a letter before it begins to take any action, although in some cases it may ask you to respond sooner.

While it is important to respond quickly, if you cannot provide a suitable answer within this timescale, HMRC may offer an extension if one is requested.

Who can help with HMRC nudge letters?

If you receive a nudge letter from HMRC you should seek help from a tax adviser at the earliest opportunity. They can communicate with HMRC about its requirements, assess the reason for the letter and calculate what tax may be due.

In some cases, taxpayers that have undeclared overseas income and gains may be able to use the Worldwide Disclosure Facility, which could help to reduce penalties and the tax bill.

Link: HMRC sends ‘nudge’ letters to non-doms over unpaid tax

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