Northern Irish Accountancy firm Armstrong and Co warn clients of potential for “Total Fiasco”. Leading accountancy and tax advisory practice Blick Rothenberg has warned that taxpayers may not be aware of outstanding Tax liabilities due to an IT error. This error may lead to customers being left confused about their tax liabilities.
“Due to a system error, HMRC had not generated payments on account for 2018/19 for some taxpayers. A number of statements have been issued by HMRC that do not show anything actually due on 31 July 2019″. Warns Nimesh Shah, partner at Blick Rothenberg.
According to Mr Shah, HMRC has reacted slowly to the issue which they have been aware of since January.
Northern Irish Accountancy firms may wish to notify local taxpayers of the potential problem. Those who qualify for self-assessment should beware and seek advice should there be any inconsistencies in their statements.
“Individuals have to either discuss the correct course with their accountant or follow-up with HMRC,” Mr Shah advised.
Those who follow the mistaken statements are likely to have a larger tax payment due in January 2020. With the remainder of the 2018/19 liabilities being due alongside the first half of 2019/20.
“It’s therefore important to keep the money to one side,” Mr Shah concluded. Otherwise, this error may lead to debt problems for those who spend the money. Unfortunately this could hit small business and newly self employed people hardest. With Moore Stephens further warning that HMRC are becoming less understanding when it comes to late payments.
Queries see: <http://www.armstrongaccountants.com/>
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