The warning comes from PricewaterhouseCoopers tax partner John Whiting who has estimated that while nine million self-assessment returns were sent out, many more taxpayers should have notified the Revenue of tax liabilities by the 5 October. The potential number of taxpayers liable for penalties could total as many as 23 million - the number of taxpayers who are not eligible for self-assessment tax returns. But in reality, the number of people affected is likely to be much lower, Whiting said. While the 30 September deadline for self-assessment was well publicised, the later deadline for additional liabilities has been largely overlooked. Someone letting a property or receiving dividends while a higher-rate taxpayer, has an obligation to notify the Revenue if no tax return has been received by the October deadline. 'It seems that the vast majority of taxpayers are unaware that they are possibly facing penalties if they do not tell the Inland Revenue of any liabilities not dealt with through PAYE or other deductions,' Whiting explained.
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