Worried about your online tax return? We’re here to help!
It’s that time of year again! December can be stressful enough with the festive season and holidays quickly approaching, let alone adding a tax return deadline into the mix. However, it can’t be avoided and if it’s missed, it may cost you.
Here, Clear Vision, a financial management company in Romsey, provides some tips to avoid additional stress and unnecessary charges.
Which deadlines apply to you?
When considering tax deadlines, it’s always worth being as clued up as possible and that begins with which dates are important for you during the tax year. Are you submitting your return on paper or online? Did you know that there’s a different deadline for each format? For example, paper tax returns needed to be filed by 31 October 2018 and the deadline for filing online is 3 months later on 31 January 2019.
What happens if you miss the deadline?
If you’re late in filing your tax return or fail to pay the correct amount, you’ll probably end up facing penalties and charges. These can vary from:
- 1 day late – If you miss the deadline by a day, the fee is £100.
- Up to 3 months late – On top of the initial £100 fine, you’re fined £10 for each additional day overdue, capped at 90 days, meaning a maximum fine of £1,000.
- 6 months late – On top of the penalties above, the fee is either £300 or 5% of the tax due, depending on whichever is higher.
- 12 months late – On top of the penalties above, the fee is either £300 or 5% of the tax due, depending on whichever is higher. In the most serious cases, at this point the fee can be 100% of the tax due, essentially doubling your bill.
If you have any questions or concerns, you should always seek the advice of a personal tax accountant if you have any questions or concerns to ensure that you don’t have to pay any avoidable fees.
Unsure about filing your tax return? Contact us!
Here at Clear Vision, our services are not restricted to just business-to-business. We also work with a number of personal tax clients as well. Whether it’s for a self-assessment tax return, or you need advice on inheritance tax planning, we can help.