A stark warning in the New Year for business owners, the self-employed and those with pensions or investment income. If they don’t get their tax affairs into shape and submitted online by the end of this month, they will face heavy penalties from HM Revenue & Customs.
The deadline for filing paper assessments passed on October 31 so filing tax returns online by January 31 is the only option.
Under the self-assessment system, people who file their returns online after the expiry date will face minimum fines of £100 even if no tax is due. And those who still fail to file could rack up the fines to as much as £1300.
The longer people delay the more they will have to pay brought on by late-filing penalties after three, six and twelve months, as well as a daily penalty of £10 for each day the return remains late and the tax unpaid.
The advice is quite simple, make sure your tax affairs are in order and file the information on the HMRC website by January 31, and don't forget to pay the tax that's due too.
It worries me that more people each year are choosing to ignore the deadlines and are being hit by what are very severe penalties. Looking the other way as the deadline approaches could prove to be a costly mistake. The complicated fines framework is rigidly enforced and I can’t stress enough it is crucial for taxpayers to straighten out their paperwork quickly and submit their tax returns online.
If this is something that you require assistance with, please contact Steven on 0844 556 8674.
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