Are you thinking, help I have never paid taxes in my life! Don’t worry we can help you out. If you are stressed about UK tax debt or tax penalties there is a way you can get your finances back on track today. Read my quick and painless tips below.
Help with ‘I have never paid taxes in my life’:
Did you forget or did not make statements for negligence or administrative phobia?
What to do when, in fact, you have never paid taxes in your entire life?
When you have never declared your income, it is not too late to be in order in the eyes of the tax administration.
The accounting process will cost money, but much less than in the case of voluntary fraud.
If you are thinking ‘I have never paid taxes in my life’ then now is probably the time to get your taxes sorted before it is too late and you have a huge penalty getting bigger and bigger.
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I Have Never Paid Taxes in My Life Will I Get in Trouble?
What is the procedure that will be used to fix your tax situation?
Who to talk to? Can you get free help from an accountant or tax advisor?
I am giving you the resources and answers in this article.
A citizen who intends to be up to date with the tax authorities after several years of not declaring their income, or never having declared them, must first begin by completing their tax return last year, the last tax return.
The declarant who submits his form on paper or online in due time and form, will not pay a special fine for the previous year and will normally be subject to income tax.
Then there is the question of the lack of notification of the income obtained in previous years.
Or as some people say filing back taxes.
While some may be tempted to hide them, please do not give in to that temptation!
The manoeuvre is risky as penalties increase considerably.
This could mean some rather expensive fines.
For taxpayers in good faith who want to regularize their situation, the simplest is to go directly to the tax administration services (public finance center, IRS website or personal income tax service).
This approach tends to attest to the taxpayer’s good faith in the eyes of the tax collector, but will not prevent him from paying fines.
However, if you work with a tax attorney or tax expert beforehand they can help to lower your tax bill and prepare tax appeals letter to cover your back (no guarantee, but worth it in our clients’ experiences).
Right of Recovery: How Long Can Tax Authorities Make Demands?
The tax administration has the right of recovery that can be exercised if the declaration is forgotten.
This right of recovery offers you the possibility of repairing the damage suffered by the State as a result of the total omissions made by taxpayers.
But not all past earnings are likely to be taxed at a high rate.
First, because some income is exempt.
But also because the tax authorities apply the three-year prescription rule: the income of the three years prior to the current year will be affected.
Currently, this means that the taxpayer must report his income from last year, but that the tax can also go up to that of two or three years ago.
If you received undeclared income in a range of five or more years, for example, the latter will be subject to different tax rules, except in the case of hidden activities or tax audit (where the right of recovery applies for 10 years).
On a final note, if you were worried because of the thought, ‘I have never paid taxes in my life‘, don’t get stressed out.
Simply speak to a tax expert today for assistance and you will feel more reassured. You can speak to an accountant in London, UK and get a free quote to sort out your tax problems.