Tax Return still not submitted - Get it done quickly or pay massive penalties

A timely warning ....

So you didn’t submit your personal tax return by 31 January 2014 and you’ve ended up with a £100 fine and possibly a bit of interest? 

What’s the big deal – there’s no big rush to get the return in now is there?

Well actually – YES THERE IS!

HMRC are getting much stricter on this now and are taking advantage of the higher penalties that they have at their disposal.

For example – did you know that if you are 3 months late submitting the return – i.e. it’s not submitted by 1 May 2014 - you will be charged daily penalties of £10 per day for up to 90 days if the return is still outstanding. 

That’s a maximum of £900 daily penalties if the return is not submitted by the end of July 2014.

There are also further penalties at 6 months and 12 months of a minimum of £300, but a maximum of 5% of the tax due which can be much higher!  And for a partnership return the penalty is per partner!

Therefore – don’t delay getting the return prepared and submitted as soon as possible so there are no nasty surprises. 

Please get in touch with your usual contact at OBC, or email ah@obcaccountants.com for more information.

 

 

 

 

Get in touch for a free Consultation Today

Find out more