- Tax Return
Recently, HMRC’s decision to temporarily close its Self-Assessment Tax Helpline from 12 June 2023 to 4 September 2023 has created a lot of anxiety among UK taxpayers who rely heavily on this helpline for guidance and getting genuine answers to their tax queries.
During this period, their questions related to self-assessment will be directed towards the digital services of HMRC, such as online guidance, digital assistance, etc. However, not all taxpayers are adept at using digital platforms or are hesitant to use the same because of various security concerns.
Also, tax calculations are not easy, and not everyone can understand the complexities and compliance requirements without this helpline, which is a guiding force for millions of taxpayers. In this blog, we will explore the challenges taxpayers might encounter due to this sudden move of HMRC.
Lack of Guidance
For many individuals, this move means the non-availability of reliable guidance during their self-assessment tax return journey. As a result, there will be utter confusion. Remember, many could not afford the added expenses of seeking help from a professional.
As a result of the helpline closure, there will be a higher number of tax queries directed to the digital platforms of HMRC, which can gradually lead to longer waiting times. In short, there will be unnecessary delays in filing self-assessment tax returns. This could be frustrating for taxpayers.
Chances of Errors
With no guidance from the helpline, more individual taxpayers will likely try to fill their self-assessment tax returns without developing a complete understanding of the tax requirements, which means more chances of errors leading to penalties and compliance issues.
Disruption in business planning
This is more for small business owners who rely on the HMRC helpline to seek guidance on tax rules, allowable deductions, compliances, etc. Without quick access to expert advice from HMRC, they will likely miss opportunities of saving their taxes. This may lead to severe disruption in their business planning.
Difficulty for elderly taxpayers
While it is true that more people have digital literacy, still some elderly taxpayers have limited access to smartphones and prefer traditional methods of phone helplines to seek tax assistance. They also have their own set of apprehensions about sharing their personal or financial information on online platforms.
Despite all these challenges, it is best to find a silver lining during tough times. So, it also might happen that this temporary closure of the helpline ends up encouraging more taxpayers to become financially literate. More people may opt to go through the official resources of HMRC available online to develop a better understanding of their tax matters. This may empower them to take better financial decisions and file their self-assessment tax returns without seeking help from others.
At CoreAdviz, we fully understand the significant of personalized tax advice during the tax season. Based in UK, we have a team of dedicated professionals who can help you understand your tax matters and filing your self-assessments tax return at a reasonable price. We assure you quality service with utmost sincerity and dedication.