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Three new toolkits have been introduced by HM Revenue & Customs to help small businesses and tax agents file their tax returns on time, with reduced errors. The new toolkits have been launched in an attempt to eliminate errors in areas which are commonly known to pose problems for agents and businesses. These new resources launched by HMRC are easy to download and are free to use.

HMRC have also called on tax agents to give their help in increasing the number of self assessment tax returns which are filed by the deadline of 31st October 2010. In 2009-10, 87 percent of paper tax returns were filed before the deadline, out of 2.4 million returns which were issued.

The director of the Business Customer Unit for HMRC, Stephen Banyard, said:

“Agents are a key source of information for a large proportion of the SA filing population, so we would really welcome their help this year in getting those paper returns in on time.”

Anyone who misses the October deadline will face a penalty of £100, plus face the possibility of HMRC launching an investigation into the tax affairs of persistent offenders. HMRC are also encouraging SA taxpayers to file their returns online, as they will receive repayments due much faster.

Outsourcing your administration to low cost accountants is one way to ensure that your Self Assessment return is filed punctually, without error. Paying low accountancy fees will guarantee a timely submission of your return, with prompt calculation of taxed owed.

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