As the tax season approaches, taxpayers in the UK need to be vigilant as scammers impersonating HMRC have intensified their efforts. They are targeting individuals with the promise of tax rebates while also employing threatening tactics related to fictitious unpaid taxes. HMRC has issued a stern warning to the public to be cautious about scam texts, emails, and phone calls from fraudsters.
Int he 12 months leading up to September 2023, HMRC received more than 130,000reports of tax scams, with a significant portion of them—58,000—offering fake tax rebates. While the good news is that the total number of scams is down from the previous year, when more than 80,000 scams offering tax rebates were reported, the threat remains significant.
With approximately 12 million people expected to submit their self-assessment tax returns for the 2022-2023 tax year by the deadline of January 31, 2024, fraudsters are becoming more active, capitalizing on taxpayers' anxieties as the deadline approaches. They often impersonate HMRC and use various tactics to deceive individuals.
To protect yourself and others, you can report any suspicious communications toHMRC:
It's essential to stay ahead of the game, especially if you're required to complete a self-assessment form for the first time. New self-assessment taxpayers could include those with side hustles, cryptocurrency transactions, newly self-employed individuals, landlords, gig economy workers, eBay traders, social media influencers, and Airbnb hosts with earnings exceeding £1,000.
The deadline for tax returns for the 2022-2023 tax year was set last 31st of October, 2023, for paper returns. However, online returns is set on 31st of January, 2024. Filing early is encouraged, as any outstanding tax doesn't need to be paid until the deadline (unless you choose to do so). Plus, filing early ensures early refunds for any overpaid tax.
If you have complex inquiries or need assistance with your return, the self-assessment helpline is available. HMRC provides a wealth of online resources, video tutorials, and support on GOV.UK to help you complete your return.
Lastly, if you believe you no longer need to complete a self-assessment tax return forthe 2022-2023 tax year, it's crucial to inform HMRC before the January 31, 2024deadline to avoid potential penalties.
Stay vigilant and protect your financial interests. If you're facing any concerns or uncertainties about your taxes, consider scheduling a consultation call with taxation expert Elena Meskhi to ensure your financial affairs are in order.
