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HMRC issues profit reminder for the self-employed

 

Self-employed tax credit claimants are being urged to disclose their total profits for the 2009/10 tax year ‘as soon as possible’.

 

HM Revenue and Customs (HMRC) is issuing letters reminding self-employed workers of the urgent need to report their income if they are in receipt of tax credits.

 

It warns that failure to provide the correct details may lead to an overpayment, while supplying incorrect information could result in a penalty.

 

When they renew their claims, the self-employed can give HMRC an estimate of their income. Where an estimate has been provided, they have until 31 January to inform HMRC of the actual figure.

 

Exchequer Secretary to the Treasury, David Gauke, said: ‘There is too much error and fraud in our benefits and tax credit systems. These losses are unfair, unaffordable and unacceptable.

 

‘We have to make every penny count – and that includes going after the cheats at every level. The self-employed have to do their bit by telling us promptly of any changes in their income estimates.’

 

We can help prepare your accounts for submission to HMRC – please contact us for details.