The January 31st deadline has come and gone. Well done if you have got your return submitted in time. As usual, I managed to submit the returns of every client who sent their records to me, even if it was at the last minute! If you’ve missed the deadline you might be telling yourself that at least it’s only a £100 fine, and the pressure is now off. You would however be wrong! In addition to interest, HMRC will charge you an additional 5% of the tax owing at the end of February. Then after April they will add £10 per day if the tax return is still outstanding. Then after another three months a further 5% of the tax due or £300, whichever is higher. It all adds up to a tidy sum! And to add to this the time HMRC have to launch an enquiry into your return.
DO NOT DELAY – if you need to submit a return, contact me NOW on 01925 728234
Contact David Crossley
- 102/104 Widnes Road, Widnes, Cheshire, WA8 6AX
- 0151 420 6666
- david@hollandandcompany.co.uk
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David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation