Don't forget your tax return!
Deadline for the submission of self-assessment tax returns (31st January). This year it is more important than ever to ensure that your Tax Return is done on time as there is a new much harsher penalty regime in place for late filing than ever before.
The new penalties for the late filing of self assessment returns are:-
- An initial £100 fixed penalty which will now apply even if there is no tax to pay or if the tax due is paid on time,
- After three months, additional daily penalties of £10 per day up to a maximum of £900,
- After six months a further penalty of 5% of the tax due or £300 (whichever is greater), and
- After 12 months another 5% or £300 charge (whichever is greater), with in serious cases the penalty after 12 months being up to 100% of the tax due.
If you have not yet completed your Tax Return, you would be well advised to gather up all of the information required to complete the return sooner rather than later in order that you can avoid the penalties indicated above, and have some notice of any tax that you may have to pay by the 31st January following the end of the tax year.
Please note the paper filing deadline is the end of October each year, all tax returns after this date now need to be submitted electronically.
If you have any queries on completing your tax return, or require assistance in completing the return, please contact Dawn@A4G-LLP.co.uk.