Changing Approaches To Taxes

Changing approaches to taxes

Most of us will readily admit to dreading that standard-sized brown envelope dropping onto our doorstep knowing full well it’s a demand for payment from an official authority – and the official stamp certainly doesn’t lift our spirits either. At Newton Magnus, we ensure that you understand your taxes, what you need to pay and when, and help ensure you stay in control, but for many people who do not use a trusted accountant or financial advisor, HMRC envelopes can fill you with dread.

Managing Your Taxes

Little wonder, then, that tax officials have now taken advice from expert physiologists and started to attach personal, handwritten ‘post-it’ notes – particularly on formal correspondence addressed to “well-known tax evaders”.  This rather clever behavioural tactic comes straight from the USA complete with an impressive success rate and is now set to make its mark using key recommendations from the UK’s former Prime Minster and the Behavioural Insight Team which was first established in 2010.

Of course, whilst all such notes are “meticulously” maintained, they’re also subject to a certain level of criticism from leading experts.  Danny Cox, a Chartered Financial Planner at Hargreaves Lansdown argued to FT Money that: “You can spot HMRC correspondence on the doormat from a mile off.  Response times would almost certainly increase if they dumped the brown envelope for something less oppressive.”

It seems to be a valid point very few would argue with.

In addition to promoting a more ‘user-friendly’ approach, the Government have recently pledged to cut their call waiting times.  With taxpayers currently waiting an average of 35 minutes to speak with someone about their tax affairs it’s not too difficult to understand the frustrations of dealing with the ‘tax man’ at an already stressful time. Changes are most certainly ahead. To ensure you are up to date with the latest from the HMRC and how it may affect you, appoint a trusted accountant. Newton Magnus are friendly approachable financial advisors covering the Dorset surroundings, call for an appointment today.