Are you self-employed, registered with HMRC and needing to make an online tax return?
Then you have a little over 3 weeks to get your return into HMRC. Failure to submit your return electronically by 31 January, 2014 will lead to an automatic late payment fine. HM Revenue & Customs estimate 10.9 million people are required to submit a 2012/13 tax return. As accountants we would strongly urge you to submit your self-assessments at the earliest available opportunity: it might appear to be time-consuming, especially as you’re probably already preoccupied with other business matters, but in the long run it will be an effort that proves to be worthwhile. Once the self-assessment return is filed you can then return to concentrating on what you do best.
Last year, the busiest day for online returns was 31st January 2013, when HMRC received 578,000.
The busiest hour occurred between 4pm and 5pm, when 46,000 returns were received by HMRC – that equates to roughly 12 per second. Our advice is to get your tax return filed sooner rather than later. After all why get the New Year off to a bad start with an unnecessary £100 penalty? Besides, leaving more time to help you prepare your return will help to reduce the risk of errors and mistakes being made.
What will you be charged for filing a Self-Assessment Tax Return late?
- An automatic fixed penalty charge of £100, irrespective of whether you have tax to pay or not, or if you’ve paid your outstanding tax on time.
- If you file your return 3 months late, you’ll incur a penalty of £10 per day, up to a maximum of £900, in addition to the fixed £100 penalty charge.
- If you file your return 6 months late, you’ll incur a penalty of £300 or 5% of the tax due, as well as the two previously mentioned penalties.
- If you file your return 3 months late, you’ll incur a penalty of £300 or 5% of the tax due, as well as the two previously mentioned penalties. In some instances you may be asked to pay 100% of the total tax due instead.
HMRC’s online filing system forcalculates your tax liability for you. But what it won’t do is check whether your figures are accurate or that you have claimed your full entitlement to expenses, reliefs and allowances. That’s where we can help you. Steven Glicher accountants are happy to take care of all your tax affairs for you; from registration with HMRC, to completion of the return, to calculation of your tax liability and the due dates. We deal with all the paperwork, leaving you free to focus on your business.
If you’d like any further information on self-assessment and late payment penalties, then contact Steven Glicher accountants on 0161 405 8007.