With the self-assessment filing deadline looming, now is the time to send us your tax return information if you haven’t already done so, so we can have your tax return prepared in good time and give you as much notice as possible of your tax payments due.
Whilst the paper deadline for tax returns closed on 31 October, the online tax return must be with HM Revenue & Customs (HMRC) by midnight on 31 January 2017. This date is also applicable for the final payment of any tax due.
Failure to send a tax return and pay any outstanding tax could lead to severe penalties, starting with a £100 automatic fine applied to all online tax returns if they are late by just one day.
After three months, any late returns will be subject to a penalty of £10 per day for each day the tax is due, up to a maximum of 90 days and a maximum of £900, as well as interest on the outstanding tax.
Any return that is six months late will be subject to a fine of £300 or 5 per cent of the tax due, whichever is higher. For returns which are 12 months late, another £300 or 5 per cent fine of the tax due will added to the final bill.
It is important to ensure all the details required to complete your self-assessment return are with us ahead of the deadline so that we can prepare an accurate return.
The deadline for self-assessment also provides the perfect opportunity to minimise any liabilities through careful tax planning.
Submitting a return earlier will give us additional time to identify potential tax savings. There are a wide range of tax reliefs available to businesses and individuals including R&D tax credits, relief on charitable donations, private pension contributions, and work expenses.