Missed Self-Assessment Filing Deadline?

Annual Self Assessment Filing
January 12, 2015
Bookkeeping for Your Business
March 18, 2015

Missed Self-Assessment Filing Deadline?

Don’t Despair!

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!

Reasonable Excuse?

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:

  • You had an unexpected stay in the hospital that prevented you from dealing with your tax affairs;
  • You had a flooding or fire incidence that prevented you from completing your tax return;
  • There were service issues that prevented you from completing your tax return.

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.

Comments are closed.