As many as 890,000 people face a £100 fine for failing to file their online tax returns on time, HM Revenue and Customs (HMRC) has said. (BBC Business News- 02/02/15)
If you are one of the 890,000 that missed HMRC (HM Revenue & Customs) deadline for self-assessment, don’t despair!
BUT, don’t stop there and wonder!
Act now, to avoid further penalty.
Although you most likely have incurred a penalty of £100 fine since you missed the deadline, file and pay now.
The following may occur if you do not act now:
– After the 3 months period, HMRC fines you £10 for each successive day of lateness up to 90 days
-After 90 days, a subsequent fine of £300 or 5% of the tax you owed whichever is higher is incurred
– Late filing may cost you over £1,600, in addition to payment of tax that you owe.
Imagine what your business could do with that £1,600!
Maybe you had a situation you want HMRC to consider-
Such must be situations occurring that are unexpected or are outside your control.
Examples of these are:
Unreasonable Excuse- Relying on someone else to send your return is not an accepted reasonable excuse to HMRC.
Act now & avoid increased penalty. Don’t wait until HMRC writes you.
Bookkeeping & Payroll Aid Ltd. can give you a hand in completing your returns, while you do what you like to do most- serving your customers.