Did you get that tax return in on time?

Well, tax filing deadline day has been and gone in the UK, and hopefully you all got your tax returns in to HM Revenue & Customs on time and paid your taxes too, I know my clients did.  If you didn't here's what you need to be aware of...

If you didn't get around to filing your tax return by 31st January this year, unfortunately you'll already have incurred a £100 penalty from HMRC.  You need to make sure you get it sorted out before 1st May, otherwise you'll start incurring further charges at £10 per day up to a total of £900.  If you still haven't done it by 1st August there will be a further £300 added to that, making a total of £1,300!

Well, if you did manage to do your tax return on time, I'm assuming you managed to get it paid too?  If not, you need to get it paid within 30 days from the 31st January, otherwise you will be fined 5% of the tax you owe. There are further 5% penalties arising after 6 months and 12 months too, this is also in addition to interest charges on the tax unpaid.

So, if that return, or payment of tax is still outstanding I'd recommend getting it sorted out in the next few weeks to avoid getting hit by these harsh penalties as well as the tax bill!