The deadline for submitting your tax return is fast approaching and needs to be filed and the tax paid by 31st January.
Now if you are one of the many who have already boxed this off you can relax.
However, there are many who have yet to submit their tax return. Last year 745,588 tax returns were received after the deadline and faced the wrath of HMRC with fixed penalties being issued.
So what happens if you miss the deadline? HMRC will issue a fixed penalty of £100 even if there is no tax to pay. Now that is an ouch!
If you still have not filed your return within 3 months of the missed deadline, additional daily penalties of £10 per day, up to a maximum of £900 will apply. That is an even bigger ouch!
There are further penalties applied the later you submit after 6 months and 12 months.
There are also additional penalties for paying the tax due late of 5% of the unpaid tax at 30 days, 6 months and 12 months.
If you still have to submit your tax return, don’t panic yet there is still time to get your tax return in on time by the 31st January. If last years, 2017-18 tax return filing is anything to go by, this is now going to be a very busy time for online submissions more than 4,852,744 returns were received online in January 2018 44.8% of the total of tax returns received.
Do not be like one of the 1,290,948 individuals who only submitted their returns on 30th or 31st January.
There is no time like the present if you still need to file your return, yet if the thought of it is too daunting or you need some professional advice, don’t hesitate to contact us.
The first step in working together with us is to book a 15 minute Discovery Call with one of our Client Coordinators to find out whether we'll be a good fit for you and your business.Book a Discovery Call
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