THE 48-hour extension to the deadline for filing tax returns has been welcomed by Kent-based accountants McBrides.
Strike action at HM Revenue & Customs means, for the first time, late filing and payment penalties are being deferred until midnight on Thursday, February 2.
Also for the first time this year, there is an automatic £100 fine for late submission – even when no tax is due.
But Tuesday’s action by the Public and Commercial Services Union means HMRC have given taxpayers a two-day stay of execution to get in their returns and make their self-assessment payments.
Nick Paterno, Managing Partner at McBrides Chartered Accountants, Sidcup, said: “It’s good to see that the Inland Revenue are being reasonable about this and not inflicting further penalties on the taxpayer as a result of internal industrial action .
As many as 7,000 HMRC call-centre staff are expected to walk out on Tuesday, the normal tax deadline day.
Mr Paterno said: “Although online filing of tax returns should not be affected, a shortage of staff on the helpline means people who have left their tax return to the last minute could find difficulty getting the right advice.”
Up to 600,000 people are expected to file their returns on deadline day, despite a high-profile advertising campaign running for several weeks.
Mr Paterno said: “HMRC do not want to see people unfairly penalised because they can’t get help and advice. However, there is a lesson to be learned in that people really should avoid leaving their tax return to the last minute.
“Paper returns had to be submitted by October, but even online filing can be problematic and it is sensible to avoid 11th hour hitches if you want to avoid incurring a costly penalty. This week’s strike action merely reinforces the need to file self-assessment returns as early as possible.”
Established in 1973 and based at Nexus house, Sidcup, for the past 30 years, McBrides has a strong track record of nurturing owner-managed and entrepreneurial businesses.
With 41 staff and six highly-skilled partners, the firm specialises in steering owner-managed businesses through the HMRC tax minefield.
McBrides were recently shortlisted in the AccountingWEB Practice Excellence Awards as a result of feedback from their highly satisfied clients.