News

HMRC is asking agents to check their clients’ 2022/23 Self Assessment Tax Returns for inaccuracies. 

As part of its work to maintain compliance standards through working with agents, HMRC is writing to agents where discrepancies are found between the client’s tax return and the employment or Child Benefit information held by HMRC.

The agent can contact HMRC to request further details or HMRC will call the agent in the weeks following the letter. Agents with 20 clients or more are being targeted where a potential discrepancy is found.  

If errors are found following the agent’s review, voluntary amendments can be made by 31 January 2025 without a penalty being levied. If, however, there is additional tax to be paid interest will be charged on the underpaid amount.

These initial checks are not Compliance Enquiries, however this may be the next step if the discrepancies are not corrected. An enquiry can be time consuming and can result in penalties as well as interest payable on underpaid tax.

Your Agent, usually your Accountant, can complete a review of the 2022/23 tax return they have prepared for you. You should also consider whether you have supplied all of the relevant information to your Agent in order to complete the return. Did you, for example:

• supply a P45 or P60 for each employment you held in the tax year? If you have had several employments you may have forgotten or misplaced some information.
• receive company benefits which were included on a P11D form from your employer?
• claim (or did your partner claim) Child Benefit during the 2022/23 tax year and you or your partner received taxable income over £50,000?

If you discover that you have missed anything, contact your agent and/or consider amending your Tax Return as soon as possible.

If you have any concerns or queries about Self Assessment we can help. Contact our friendly team on 01244 625 500 or contactus@foremansllp.com.