Media Centre > Press Releases > Avoid the rush and you might save money, says tax expert

Avoid the rush and you might save money, says tax expert

Release date: 18/01/2013

People who file their self assessment returns at the last minute could end up paying more tax than they need to, according to leading South West tax expert Paul Aplin of A.C.Mole & Sons.

Tardy taxpayers racing to meet the 31 January deadline for 2011-12 returns are likely to miss tax-saving opportunities in the rush to avoid the penalties that start on 1 February, he says.
 
“A lot of people leave it until January to do their tax returns. What troubles me is not the last minute rush, but the number of cases I see where the tax bill could have been less if action had been taken at the right time,” he said.
 
“For example, married couples and civil partners might consider transferring assets between them to make sure that they make best use of personal allowances and the basic rate income tax band.
 
“Anyone with savings should consider an Individual Savings Account (ISA) which is protected from capital gains tax and from income tax. Savings can also be made on inheritance tax bills with forward planning.”
 
While it might be too late to save money now, resolve to plan ahead for the coming year, says Paul Aplin.
 
Tax returns must be filed online and by midnight on 31 January to avoid a penalty. A paper tax return is already late - unless it was issued after 1 November - and will incur a fine, warns Paul Aplin.
 
If you send your online return late, you’ll receive a £100 penalty – even if you have no tax to pay or you pay your tax on time. The longer you delay, the more you’ll have to pay, as further late-filing penalties kick in after three, six and 12 months.
 
The end of January is also the deadline for paying any tax you owe for the 2011-12 tax year.
 
Further information on completing your tax return is available by visiting www.hmrc.gov.uk/sa or calling the Self Assessment helpline on 0845 9000 444.
 
Ends
 

Media enquiries
Linda Findlay T: 01392 841402 M: 07598 753 088 E: lindafindlay99@yahoo.co.uk
Paul Aplin is available for interview on this issue. Please contact Linda Findlay, details above, or contact Paul direct on M: 07739 892194 E: paulaplin@acmole.co.uk
 
Media Release
Stafford House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX. Tel: 01823 624450
 
Notes for editors
A C Mole & Sons is an independent West Country firm of Chartered Accountants and Chartered Tax Advisers with several thousand clients across the UK. Clients are both individuals and businesses spanning a broad range of sectors including farming, the motor trade, manufacturing, retail, leisure and professional services.
 
The firm filed the UK’s first ever electronic tax return in 1997 and has a national award winning tax team.
Stephen Golby is the firm’s managing partner and advises a wide range of businesses.
David Perry and Chris Loveluck specialise in advising the farming community on tax and finance issues.
Paul Aplin OBE is a tax partner with the firm and is also Chairman of the Tax Faculty Technical Committee of the Institute of Chartered Accountants in England and Wales and a member of H M Revenue & Customs Administrative Burdens Advisory Board.

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Stafford House
Blackbrook Park Avenue
Taunton Somerset
TA1 2PX
England
Telephone: 01823 624450
Email: info@acmole.co.uk

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