SUBMIT YOUR SELF ASSESSMENT RETURN ON TIME!
You have 300 days from the end of the tax year to submit your self assessment tax return.
At the date of this article you have 79 days to submit your tax return for the year ending 5 April 2018.
Therefore, if you haven’t submitted your return, you’ve wasted nearly three quarters of your allotted time that you have to submit.
THE STATISTICS – YEAR ENDING 6 APRIL 2017
Over 11 million individuals submitted a self assessment tax return last year
Just over 10.5 million of them were submitted on time. The majority of which were submitted online.
Nearly 5 million were received in January 2018. Just over 1 million were received on 31 January.
This means many individuals are still leaving their tax return to ‘the last minute’ and some don’t file them at all.
Unfortunately, if you are in a rush at the end of January mistakes will inevitably occur. HMRC recognise this and are more likely to inquire into tax returns submitted at the last minute.
PENALTIES FOR LATE FILING YOUR TAX RETURN FOR THE YEAR ENDING 5 APRIL 2018
£100 applies if your return is received after the deadline of 31 January 2019.
If the return remains not filed after 3 months, there will be a penalty of £10 per day for every subsequent day for 90 days – that’s a further £900.
After 6 months of not filing HMRC will levy a further penalty of the lower of £300 or 5% of the tax due.
After 12 months of not filing HMRC will levy a further penalty of the lower of £300 or 5% of the tax due.
HMRC will also charge penalties of 5% if you fail to pay tax on time!
Getting your tax return filed before Christmas would be ideal so you can sit back and enjoy the festive season.
We have the experience and expertise to help you finalise your tax return in good time.
Why not contact us to see how we can help you?