775,000 taxpayers received £100 penalties in the first year of the Self Assessment regime, because they did not submit their returns on time. Some 400,000 incurred further fines because their returns were still outstanding 6 months later. HMRC is certainly serious about insisting on timely and correct Self Assessment returns. But the complexity of the tax system means that there is in-built difficulty in fulfilling this.
Completing your Self Assessment return correctly and on time is getting more and more difficult for individuals whose core skillset does not lie in the niceties of tax computation. You can spend many painful hours reading through forms, checking online for advice, looking for expenses receipts, doing the calculations and filling in the results – and still fall foul of the revenue.
Oaktree can relieve you of all of this time, effort and worry, by handling your Self Assessment for you. We can do all of the necessary calculations, complete your return, and even give you advice on how you can minimise your tax bill. We can do as little or as much as you want us to do, in order to give you the end result of minimised tax and maximised peace of mind.