Beware Of Tax Imposters Offering Rebates

Tax season is always a little chaotic, isn't it? Between trying to track down those lost receipts and making sure we've accounted for every penny earned, there's also the looming threat of scams. And this year, the scammers are out in full force ...

"Just in the past year, over 130,000 tax scams have been reported!"

A whopping 58,000 of these were offering enticing, yet completely bogus, tax rebates, but if you think the HMRC is sitting back and letting these fraudsters have their way, think again. They've been proactive, addressing 60,000 phone scam reports and taking down 25,000 malicious websites. But they can't do it alone, and that's where we come in.

Criminals are the great pretenders and they're getting craftier with their tactics, sending us fake government messages that look so real. But if you get an unexpected email, text, or call claiming to be from HMRC, remember to double-check its authenticity.

Are you curious about how to report these dubious communications? It's simple:

- Got a shady text? Forward it to 60599 - Dodgy email? Send it to phishing@hmrc.gov.uk - An unsolicited call? Report it directly on gov.uk

Now, to the meatier bits: If this tax year is the first time you're submitting a self-assessment tax return because you've started a side hustle, jumped into the cryptocurrency market, or rented out your home on Airbnb, you must register in advance for self-assessment.

If you're an influencer, an eBay trader, or work in the gig economy, the self-assessment tax return is for you too. Remember, the magic number is £1,000. If your earnings exceed this, a tax return is essential.

"Don't forget about capital gains tax on crypto sales and the higher rate child benefit charge for earners with income over £50,000!"

Now, I know what you're thinking: "But the deadline's not until January!" True, but why wait? Filing early is a win-win. You either get a refund early (yay!) or you'll know exactly how much tax you owe and have ample time to prepare. But if you're feeling a bit overwhelmed, don't worry. HMRC has got your back with tons of resources like video tutorials, digital assistants, and community forums.

If you reckon you don't need to complete a self-assessment tax return this year, just inform HMRC before the 31 January 2024 deadline to steer clear of any penalties. And remember, if you're going old-school with a paper return, the deadline passed yesterday (31st October), but for the tech-savvy among us, the online deadline is 31 January 2024.

Just don't get caught out by any scammers.

If you'd like to find out more about anything I've written here, do call me on 01908 774323 or leave a comment below and let's see how I can help you.