self assessment trap

Thousands will be forced to file a tax return for the first time this year The Sunday Telegraph reports on how thousands of workers, savers, parents, and pensioners in the UK are being forced to file tax returns for the first time due to frozen thresholds and rising incomes. However, complex rules and poor customer service at HMRC could result in penalties for innocent mistakes. The Association of Taxation Technicians has criticised HMRC for hindering early tax return filing by pushing taxpayers to use online services instead of the helpline. Failure to submit a tax return by the deadline incurs a penalty, and many individuals may not realise they are now required to file a return. Mike Warburton and Charlotte Gifford provide tips and warnings for various tax return scenarios, including property gains, trust tax, pension relief, child benefit, company share incentives, and reclaiming double taxes on overseas income.

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