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 for more information.





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