Agent Update - Self Assessment
04 January 2017
As part of HMRC’s progressive work with tax agents, a special Self Assessment edition of Agent Update has been published.
The update outlines the extra help and support available to help agents, or their clients when completing their tax return.
The deadline for submitting the 2015 to 2016 Self-Assessment tax return is 31 January 2017.
Six million tax returns still to be filed
According to the Guardian almost 6m of the 11m people in Britain required to fill in a tax return are yet to send it in, with a month remaining until the deadline. Around 870,000 taxpayers missed the 2016 deadline and were liable for a £100 fine, plus extra penalties in some cases.
Meanwhile, research carried out by YouGov suggests that almost 2m taxpayers will spend the better part of a working day completing their self-assessment tax return. The study found that 45% of sole traders say it took five hours or more to file their tax return, with 22% saying it took more than 10 hours.
The survey shows that 63% manage their returns without help from an accountant, friends or family. It also reveals that only 5% like the current process while 55% actively dislike it.